The popularity of Internet-based services has been increased over last decades; individuals use online product and services to complete their many tasks related to the finance, entertainment, and shopping. The application of social media is increased due to the higher demand of internet users. The social media supports to share their information with family and friends (Yang and Wen, 2017). The internet services are utilized by the private, private sector and individuals that make them defenseless about cybersecurity risks. The Internet-based service creates possibilities of cybercrimes. Companies are defenseless to deal with online issues like hacking, ransomware, and malware (Tisdale, 2015). The organizations have to discover data security software and hardware to decline possibilities of cyber threats. The report discusses the challenges of cybersecurity faced by business as it would make defenseless to the organization for dealing with cyber risk. Moreover, this report also discusses strategies that will improve cybersecurity threats.
The main of this research is to address the strategies for mitigating the challenges of cybersecurity from the organization. The following objectives are accomplished to complete specified aim of research:
This report will support to examine the impact of cybersecurity challenges on the organizational performance. It aids in the organization to understand the situation that is occurred in lack of cybersecurity. This report will support to evaluate many cybersecurity risks faced by the organization in the recent business scenario. It will also support the researcher to gain the understanding about many strategies that will overcome the challenges of cybersecurity threat.
Introduction
The literature review section supports to gain a conceptual understanding of current research concern. For this, many methods will be considered by the researcher to collect data towards the current research concern (Campos, et al., 2016). In the current scenario, internet services are used by many organizations to obtain their specified objectives and aim. The application of internet services becomes popular among entrepreneurs, small organizations, and individuals. It is analyzed that enhancement in the online services could create the chance of cybersecurity threat in the organization as it would negatively influence the performance of business (Stimmel, 2016). This literature review aid the researcher to gain their conceptual understanding about the cybersecurity challenges and strategies that will overcome possibilities of cybersecurity threat from the organization.
In the view of Gomes et al. (2017) individuals use online methods to make a connection with families and friends as it offers business opportunity to the small firms and entrepreneurs for expanding their business. Both company and individual share their confidential or personal information on the internet that creates higher possibilities of cybersecurity threat. A large number of cybercrimes are performed by individuals who have use internet and personal computer due to the lack of cybersecurity as it would also stuck individuals in the cybercrime.
Johnson (2015) argued that people conduct cybercrimes by collecting personal information of individuals and companies to obtain an unfair benefit. It would decline the financial performance of the organization. There are many reasons that could create the possibilities of cybersecurity threat. It is also stated that social media make defencelessness to the people towards cybercrimes. In addition, it is also stated that the application of social media has increased substantially between firms and individuals. It is also addressed that there are more than 2.9 billion people who used the social media. Apart from this, organizations also use the social media sites as it would be imperative to conduct many business activities like data collection, market research, feedback, and advertising. It offers a large number of business opportunities to the organization as it would support to enhance their operations.
He et al. (2016) argued that the social media model is used by a large number of organizations as it would enable them to imply their marketing strategy in the social media and obtain higher success. Many organizations imply the social media and make their unique image in the marketplace like Starbucks, Old spice, and Oreo. The popularity of social sites could create a higher chance of cybersecurity risk. Hackers target social media account of individuals and small firm to obtain their confidential information. There are certain organizations like HBO, PlayStation, and Yahoo suffered from the cyber crimes that caused in the loss of valued information.
In support of this, Fonseca and Rosen, (2017) explained that banking company is started to use the mobile banking services due to enhancing their services and attract a large number of consumers. There are many sources that are implied by the organization to transact their money from one place to other like mobile wallet and PayPal. It would enable the consumers and organization for an online transaction that could also enhance the cyber threat.
In oppose to this, Kaplan et al. (2015) illustrated that online banking facilitated individual to share their financial information on the portal of the bank. In the current scenario, most of the banks are failed to secure confidential data of consumers as it would enhance the possibilities of data leakage. In this, hackers take benefits from those organizations that have not reliable techniques to secure their financial data. Hackers collect the confidential data of consumers and firms and conduct unfair behavior. There are certain cyber issues that are faced by the organization such as DDoS, IoT , Smartphone Malware, Hacktivists, and Ransomware.
DDoS
As per the view of Joglekar and Pise (2016) the distributed denial of services (DDoS) attack on the online users and influence their many activities. Generally, online hackers attack on the one computer of financial institute or organization afterward they enhance access to other computers as it could be linked with the same server. It is also stated that servers are unable to control on the higher range of traffic as it would provide an opportunity to the hackers for hacking the confidential information of firm. Hackers take benefits of this circumstance and attract on the server at the time of server are most vulnerable. In addition, it is also found that hacker use emails, pop up advertisements to enhance the online traffic of servers. From the application of DDoS, hackers attract on many business activities like Rio Olympics, DYN, and BBC, and the Donald Trump of the campaign.
IoT
In oppose of this, Shoemaker and Kohnke (2016) explained that the internet popularity is increased hence organizations are developing new devices as link each user to the internet. It is also found that more than 1.8 billion of consumers use the internet as it would enable the consumers to share their information. The internet of things (IoT) technique is used by most of the individuals. It is also found that developed country used IoT is enhanced in developed countries.
In support of this, McGettrick (2014) examined that IoT devise is liked with a single server and breach by one tool hence it can be said that this technique could create a higher chance of cybersecurity threat. The organization uses specific backdoors for each IoT technique but at the same time, hackers use them to enhance the contact to such tool. These techniques support the hackers to obtain the personal information of users hence it creates the higher possibilities of cybersecurity crime. The internet of things device linked wearable tools to the other techniques. It will negatively impact on the organizational performance.
Smartphone Malware
Manworren et al. (2016) depicted that smartphone malware techniques could also enable the hackers to use confidential data of individuals. More than 44% of the population uses a smartphone to share their information on the web and attain their specified task. The higher use of smartphones provides a chance to the hacker to use personal data of consumers. It is also found that the cybercriminals gather the personal data of online users and they blackmail them for getting benefits.
On the other hand, Falk et al. (2016) stated that enhancement in the use of mobile banking gives an idea to criminals for targeting smartphone users as it would create the possibility of cybersecurity threat to the mat phone users. Hackers concentrate on mobile phones of company executive and leader and obtain their personal information to blackmail them for leaking their confidential information. It is also stated that ‘Plankton’ Malware could collect information of smartphone user’s data by the mobile application. ‘DroneKungFu’ is also mobile malware as it enables the hackers to collect data from smartphone users by back door. It will leak the personal data of users in the least time.
Hacktivists
In the view of Mylrea (2017) Hacktivism could also create possibilities of cybersecurity threat. The cybercrimes are conducted by hackers to enhance unfair behavior in the marketplace. The hacker could get the money from victims and increase the cyber-attracts. In the current scenario, many people and organization use strategies to secure their confidential data. The strategies could also support the organization to mitigate the possibilities of cybersecurity threat from the business process at it would enhance to obtain higher success.
Futter (2016) argued that Hacktivism is hazardous for the organization because the primary it enables hackers to destroy the image of the organization in the marketplace afterward they make financially disable to the organization. Hacktivists attack over the multinational organization and government’s data to obtain their confidential data that can be harmful to the national safety. For illustration, Sony Corporation is noticeable organization due to attack by anonymous hacking on their PlayStation lawsuit. It is also stated that Anonymous attacked BOA (Bank of America) to disclose the illegal acts performed by the organization.
Ransomware
In support of this, Vogel (2016) explained that Ransomware is software or malware that attract over the personal computers of organizations and individuals and make them defenseless to use their private data. After the enactment of the quantity of hacking, hackers enhance the ransom for offering the actual information of the organization. The Ransom could be a form of money and another valuable asset. It is also addressed that there is no assurance that hacker will not contact back after receiving their ransom. There is a certain illustration of Ransomware like WannaCry, Crypto Locker, and Locky. There are certain corporation that are influenced by Ransomware like FedEx and Nissan Motor Company.
The strategies could support the organization to overcome their challenges and obtain a reliable outcome. There are few strategies that are used by the company into their business press with respect to eliminating the possibilities of cybersecurity threat from the organization. These startegies are such as encryption and physically securing.
In opposition to this, Mohammed, et al. (2015) explained that organization could imply encryption to protect their confidential data from the cybercrime and secure the transaction between two different gadgets. It is also stated that when individuals and organizations use IoT technique in the home then it enhances the possibilities of cyber attract at the time of transferring data from one place two other. Hence, organization and individuals should use the encrypting techniques as it would create more layers and secure the confidential data but at the same time, it can also be said that organizations do not prefer this technique because of their time-consuming characteristics.
In support of this, Tyagi, (2016) illustrated that Physically securing the servers and computers could also beneficial for mitigating the possibilities of cybercrime. The organization should imply many methods like a security camera, biometric locks, and other security technique in the personal computer or computer labs as it would protect the organization from inside threats. The organization should also proper check the employee due to mitigating their confidential information from another party. It is also found that organization should never hesitate about the investment of cybersecurity data as it would enable the organization to secure their private information and make a unique image in the marketplace. It would also support to enhance their financial position in the market as it could help to obtain a higher competitive benefit.
Futter, (2016) depicted that organization should keep budget for cybersecurity as it would support to install effective cybersecurity techniques to examine the safety of online data. The organization should also use antivirus, security software and, firewalls as it would decline the potential threat of cybersecurity. The organization should use a different password to secure the private data of individuals and companies. It is also found that most of the companies have used an easy password that creates the possibilities of cybersecurity in the working place. Especially at the time of using banking products and services, organizations and individuals should use strong passwords. The organization could make significant organizational culture as it would offer the security to protect their sensitive information and make a unique image in the market among market players. It is also addressed that organization might be offered the guideline to their employees for protecting them against the risk of cybersecurity. The organization should use training and development method by which they would aware to the employees towards the cybersecurity risk and obtain reliable outcome (Shoemaker, and Kohnke, 2016).
The literature review will aid the researcher to collect the feasible data in the context of the impact of cybersecurity challenges on the business. This literature review will help to critically analyze current research matter. The literature review part concentrates of how cybersecurity threats directly impact on the performance of the business.
Conclusion
From the above discussion, it can be summarized that enhancement in the internet-based services could create the higher possibilities of cybercrime. The application of social media sites, mobile wallet, and online banking could create the higher chance of cyber crime due to lack of cybersecurity. It can also be summarized that organizations face many challenges at the time of using the online technique such as Hactivism, IoT, DDoS, Smartphone malware, and other threats. It is also addressed that Bank of America, DYN, Sony, FedEx, and BBC, are influenced by the cyber attract that impact on their image and market growth. Hence, it can be said that organization should critically analyze the cyber risk and make an effective decision regarding it. The organization should enhance in the budget of cybersecurity as it would facilitate to secure their information for the long term. The organization should also imply encryption technique because it supports the organization and individuals to freely use their personal computer by enhancing in the layer of security. It will also help to eliminate the possibilities of cybercrime from the organization and getting the higher competitive benefit.
References
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Futter, A. (2016) ‘War Games redux? Cyber threats, US–Russian strategic stability, and new challenges for nuclear security and arms control’, European Security, 25(2), pp. 163-180.
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