Choose one kind of Global Risk (Under one kind of global risk Discuss about maximum 1/2 types of that risk, Example if you select geopolitical risk- Under geopolitical risk you may select International terrorism and Changes in Government Policies) from the list below which we studied during the first six weeks of the module.
Discuss how this selected Global risk may be exacerbated by globalisation. (Use recent relevant examples from countries and industries to support your work).
There have been increasing interconnectivity, globalisation and the commercialisation process of cybercrime, which has completely driven the frequency and severity including the breaching of data. As per the globalised data privacy and protection. Cyber risks has led to data vulnerability and attack poses of all the significant threats. There is a need to set up a better business which can identify the cyber security culture and tackle all the risks that have been set in sharing knowledge. (Westby, 2015). The data protection and liability risks are dominating the cyber landscaped and have a major impact on the increasing risks imposed on the business. The supply chain management and the emerging risks of technology has evolved with the usage of outsource services and storage. This brings a complete change in the new technology setup along with creating an operating system which pertains to the prospective of a cyber-loss pattern.
The cybercrime has been the growing area of crime, where all the criminals are exploiting the speed with the inconvenience that has been caused to commit a diversified range of all the different activities. There is a need to set an advancement in the high technological crime where the sophisticated attacks have been done against all the computer hardware system. With the changing nature, there has been an emerging change which sets to the global economy and runs under the commitment of false activities by small groups or individuals. (Kaplan et al., 2015). The cybercriminal networks have been able to bring a change and facilitate the activities in order to completely maximise the profit when the crimes are theft, fraud and other illegal gambling. With the change in development process, there have been certain focus on the local law enforcement which is able to set and combine the inputs on the globalised scale. There have been certain initiatives which focus on the operations and the investigative support systems, cyber intelligence and analysis. A complete research is based on digital forensics, capacity building and national cyber reviews to enforce the detection and prevention of all the digital crimes.
There have been distribution of viruses with illegal file downloading along with phishing, pharming and stealing all the information like the details of the bank account. There have been borderless and globalised cybercrimes in which there is an unknown perpetrator. All sly and silent victims might not be aware of the hacking or the stolen data. (Farhangi et al., 2016). There is a need to focus on the tracing of perpetrator as it is difficult to trace them and prosecute. All the jurisdictions have been set for the victim’s legalised structure. A proper innovation with new scams is developed on regular basis to set the advancement in computer technology.
There have been governmental and the non-state actors who have been involved in the cybercrimes which certain thefts related to finance and other activities. It is important to track them and make a report according to the set actions. The entire representation is based on the fraud and financial crime where the misinterpretation is intended to set a retaining loss. There have been certain alterations in the unauthorised ways and which requires to set a change in the technical expertise of the systems and the data alteration. The destruction and suppression is difficult to detect easily and the alteration is based on the deletion of the stored data.
As per the investigation, there have been changes in the connected people and devices which set a change to the different aspects of computer. (Saaty, 2015). The major focus has been to address all the interesting and alarming facts, which are not easy to digest. An identical approach, without any sophisticated security package completely takes the shape of the theft on the personal data, or any infringement of copyrights. All fraud, cyber stalking and child pornography has been set on wider ranges to protect the safety of computer and define the following risks:
Type 1
This has been focusing on the single events perspectives of the victim, which focus on the acknowledging downloads in the system. The virus of Trojan hours has been installed which is a keystroke and set on the machine, which allows the hacker to completely steal all the private data on the internet like the banking details, emails and the passwords. One of this type is called as phishing where the victims are said to receive a complete illegitimate email which can cause the owner to lose his information relating to the hosting website. The hackers can easily carry out the type 1 cybercrime depending upon the needs and advantages of the web browser. There is a relative threat which is set under the manipulation of data and services through the process of hacking, theft or any fraud issues.(Rigby et al., 2015).
Type 2
This has been focusing on the covering of cyber stalking, harassment and the child predation, extortion. A complete manipulation of the different ranges of stock market set a better planning to carry out the activities depending upon the on-going series of events. A proper target has been set to attempt and establish a relationship where the criminal completely exploits the relationship in order to focus on committing a crime. (Fomenko, 2015). There have been programs set under the facilitated crime ware, where the conversation are set to use IM (instant messaging) or the files maybe transferred to the other system using the file transferring protocol (FTP).
https://www.techrepublic.com/article/cybercrime-is-on-the-rise/
Cybercrime features
There have been changes in the prevention costs, antivirus software and insurance system. All the consequence costs have been set for handle the weakened competition due to the lost and property theft issues. The compensation costs needs to be defined to the victims which can help in finding all the regulatory bodies. (Helbing, 2015). Certain indirect costs like the reputational damages and other loss of confidence has led to a complete destruction of the computer system data security. Certain threat relating factors are trying to handle the skilful levels along with having an advancement in the usage of the computer skills and programming. The motivational threat agents and other opportunities provide access to different system administration process. The vulnerability directs to ease the discovery, loss of confidentiality, integrity and availability system.
https://www.business-standard.com/article/current-affairs/indian-cyber-crime-soars-350-in-3-years-115011900329_1.html
The alterations have been based on including bank fraud, carding and identifying all the thefts to improve the documentation with a significant risks in internet problems and the scan of server. IT and technology has become important to bring a change and develop better technology in changing time. The usage of all the outsourcing services like cloud computing and data process is set to properly handle a large interruption in business. (Todinov, 2015).
Cyber risk in technology has been changing with the changed in the cloud computation, social media. There have been increasing punitive legal and regulatory environment which sets the data privacy based on the privacy implications.
For properly handling the data in the organisation, there is a need to gather, maintain and complete disseminate the private information to have a higher degree of dependency based on the computer networking system. All the engaged vendors with additional services are directly subjected to regulatory statutes. The major concern has been contingent to handle the related infrastructure which is mainly concerned to settle the standards insurance policies. (Peixoto et al., 2016). All the general liabilities need to cover the property damage and the errors which have been resulted from a failure of certain defined services. A proper insurance and coverage of crimes will help in security development.
There has been emergence of pervasive risks in the environment of business to view all the IT problems. Total protection is impossible to attain the risks of sustainability along with setting a cyber-security program which is defensive, actionable and completely adaptive. There have been set features to take care of the business disruption along with all the remediation expense which are directed to losing cost of different opportunity. An effective approach has been set to detect the technology and the advanced threats that direct to combine with the best-in-breed technology development. This is important to deliver a higher level of context awareness in order to meet all the IT centric security patterns. (Johnson et al., 2015). The major approach is to ensure and deliver the information which is set to provide key characteristics to improve the cyber security postures. The integration has been set to reduce the financial impact and work on the emphasis of human intelligence and advanced analytics growth. In this, one needs to focus on combining the people, process and technology to completely differentiate the cyber security solutions. This is focusing on detection and mitigation with the intelligent monitoring incident response.
It has been seen that the sovereign of the government is to control what happens within the borders. The IT specialists have to take care and control the information from being breaches. The entire system has been set to prevent the cross border flow of information. There have been certain government aspects which ensure to take a greater responsibility for a better cyber security pattern along with enabling the government agencies to strengthen the security which allows all the individuals to completely mitigate the harms and help in adapting towards effective security rules and measures. In United States, it has been seen, that there has been a proper enactment of laws which require to involve the personal data and consider on different proposals. The concern is set to handle the Data Security and Breach notification Act of 2015, which has been set for the collection and dissemination of the data of consumer. (Duffield, 2015).
https://www.business-standard.com/article/current-affairs/indian-cyber-crime-soars-350-in-3-years-115011900329_1.html
Certain actions have been taken by the UK Cyber Security Strategy to handle the making of the UK a more secured place for a better online business and tackle with all the cyber-attacks. This will help in shaping and supporting the open society in order to build up a knowledge and capability based on the needs of UK. (Armour, 2015). The government has been focusing on providing the best Cyber Security Information Sharing Partnership to allow the government to exchange the information based on cyber threats. Certain guiding principles have been set for providing the internet services to set a best practice to help, educate the customers from protecting through all the online threats.
The risks have been set to handle the globalisation with the growth of criminal economy. Certain extensive network are directed to set and adapt to different public authorities, which link with the social vulnerability and have been exacerbated, with the dramatic rise in the cyber risks. The globalisation offers different opportunities for a proper development and integration based on the setup and integration pattern. Globalisation and the human development has helped in providing the increased economic change as per the movement of people, labour and knowledge. The markets have been set to promote efficiency with proper competition and division of labour. There is a major focus on the globalised market opportunity and efficiency to handle the capital flow, technology and the import and export markets. A financial service aspect set the economic growth with the globalised per capital to increase and work to handle the accompanied trade. Dynamic globalisation has led to set an intensified approach to handle economic relations with the process development, which has not been characterised by any cost of transportation and tariffs. (LEhto, 2015). A substantial change in the resource allocation with a faster integration promotes to the higher level of production, along with driving change in technology. The marked changes in the global supply management has been able to share effective solutions along with moving financial markets.
There are certain problems relating to population, ecology and health which becomes a danger for some of the exotic virus. The globalised risks of the free trade set customers, norms and structure with developing nations along with free trading that undermine stability and democracy pattern. All the economic development also increase in the social and the financial distance, that directs to the impoverished people. A free trading has been set for the migration from developing to all the developed areas. Certain risks have been set to measure the voluntary representation of stock marketing index. (Byun et al., 2015). There has been elimination of different currencies, inflation and other share prices. There have been correlation with globalisation and risk banishments under the national economic system which prepare a well-diversified economy that correlated to the kinetic energy of the financial market. Certain regulations for risks and the liquidity reserves have been set to set the enhancement based on the mitigation of the globalised risks.
There have been different types of cybercrime which have been set for copying and sharing all the information as per the commercial gain and development. A proper intrusion and disruption has been set into a computer system which could damage the data or cause issues with the reconnections to another server development. In order to handle the risks and maximise the technology assets, the people, process and the technology is important to set the vulnerable threats and completely reduce the ability of an organisation to help the clients in improving their management of technology with a secured and reliable effective meeting. (Dodgson et al., 2015). There have been services related to the assessment of all the security issues, IT operations management with the proper architectural design and infrastructure stability. All the clients depend on reviewing the risks and the contractual reviews which are important for handling the technology errors and other omissions based on media liability and data protection. The team of cyber risks has been focusing on playing a major role to constantly develop a greater pattern which can handle the costs and ease the procedures. With the changing information, it is important to set the rising change in the economy, where all the different IT events are assessing the predicted types of incidents and other impacts.
Westby, J.R. and CEO, G.C.R.L., 2015. Governance of Cybersecurity: 2015 Report.
Saaty, T.L., 2015. A Marijuana Legalization Model Using Benefits, Opportunities, Costs and Risks (BOCR) Analysis. International Journal of Strategic Decision Sciences (IJSDS), 6(2), pp.1-11.
Farhangi, H., 2016. Cyber-Security Vulnerabilities: An Impediment Against Further Development of Smart Grid. In Smart Grids from a Global Perspective (pp. 77-93). Springer International Publishing.
Kaplan, J.M., Bailey, T., Rezek, C., O’Halloran, D. and Marcus, A., 2015. Cyberâ€Âattacks Jeopardize Companies’ Pace of Innovation.
Wright, M.F., 2015. Emerging Adults’ Coping Strategies: Longitudinal Linkages to their Involvement in Cyber Aggression and Cyber Victimization.International Journal of Cyber Behavior, Psychology and Learning (IJCBPL),5(2), pp.1-14.
Todinov, M., 2015. Reducing Risk through Segmentation, Permutations, Time and Space Exposure, Inverse States, and Separation. International Journal of Risk and Contingency Management (IJRCM), 4(3), pp.1-21.
Helbing, D., 2015. Global Networks Must be Redesigned. In Thinking Ahead-Essays on Big Data, Digital Revolution, and Participatory Market Society(pp. 67-73). Springer International Publishing.
Peixoto, J., Tereso, A., Fernandes, G. and Almeida, R., 2016. A Project Risk Management Methodology Developed for an Electrical Portuguese Organization. International Journal of Human Capital and Information Technology Professionals (IJHCITP), 7(1), pp.1-19.
Rigby, D. and Bilodeau, B., 2015. Management Tools & Trends 2015.London, Bain & Company.
Johnson, K.N., 2015. Cyber Risks: Emerging Risk Management Concerns for Financial Institutions. Ga. L. Rev., 50, p.131.
Nasir, M.A., Nefti-Meziani, S., Sultan, S. and Manzoor, U., 2015, June. Potential cyber-attacks against global oil supply chain. In Cyber Situational Awareness, Data Analytics and Assessment (CyberSA), 2015 International Conference on (pp. 1-7). IEEE.
Armour, C., 2015. The regulator: Serve and protect.
Duffield, M., 2015. 6. The digital development-security nexus: linking cyber-humanitarianism and drone warfare. Handbook of International Security and Development, p.80.
Malhotra, Y., 2015. Risk, Uncertainty, and, Profit for the Cyber Era: Model Risk Management of Cyber Insurance Models Using Quantitative Finance and Advanced Analytics. Available at SSRN.
Nasir, M.A., Nefti-Meziani, S., Sultan, S. and Manzoor, U., 2015, June. Potential cyber-attacks against global oil supply chain. In Cyber Situational Awareness, Data Analytics and Assessment (CyberSA), 2015 International Conference on (pp. 1-7). IEEE.
Dodgson, M., Gann, D., Wladawsky-Berger, I., Sultan, N. and George, G., 2015. Managing digital money. Academy of Management Journal, 58(2), pp.325-333.
Byun, J., Sa, J., Shin, Y.T., Lee, H.K. and Kim, J.B., 2015. APJ (Asia Pacific & Japan) Countries’ Regulations, Policies and Options to Mitigate the Identified Risks for Global Network Companies.
Lehto, M., 2015, July. Cyber Security Competencies–Cyber Security Education and Research in Finnish Universities. In Proceedings of the 14th European Conference on Cyber Warfare and Security 2015: ECCWS 2015 (p. 179). Academic Conferences Limited.
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