Aztek has decided to shift to the cloud and they are hoping to shift to the IT can be a blessing for them, the IT services can offer the facilities that can help them to enrich their business activities, the IT services can help them to outsource their services to third-party company and can be largely benefitted, however, they should be mindful of all the risks associated with the IT services (Lam, 2014).
The report will focus on financial risks, the threats and the vulnerabilities associated with the IT services. The report will highlight the security or the control measures that they should adopt to conduct their business operations in a better way.
The risks associated with the financial services are-
The systematic risks
The systematic risks are the risks over which the organisation has no control. The risks generally occur due to some external aspects and the effect is felt throughout the company and throughout the industry. The risks involve war, political events or any other recession, even the interest rates are also considered as well (Wu & Olson, 2015). The aforesaid risks are classified as a market risk, Interest Rate Risk and the purchasing power risk.
The Unsystematic risks
The risks are termed as a diversified risk; the risk is carried out within the enterprise. The risk effect is considerably lesser and generally affects an enterprise’s resources. The enterprise assesses the risk and they themselves solve the issues or the risks within. The operational risk, liquidity risk, financial risks are the risks described over here (McNeil, Frey & Embrechts, 2015). The examples of unsystematic risks are liquidity risk, operational risk factor and the business risk.
Relevant risk
The relevant risk consists of the both systematic risk and unsystematic risk. The systematic risk is not taken into consideration as relevant risk as the risk cannot be controlled. The unsystematic risk is taken into consideration as the relevant risk as the risk can be assessed and can be controlled (Chance & Brooks, 2015). The financial risks involved are solvency risk, strategic risk, liquidity risk, counterparty risk, regulatory risk and the legal risk.
Strategic risk
The strategic risks occur when any organisation takes any wrong decision and use their company resources in wrong way. The faulty business plan can be the reason for the failure of projects, the company can even face losses due to the business tactical mistake or the strategy mistake.
Market risk
The market risk occurs when the prices of a particular resource augment in the market (Lam, 2014). The price of the market products can increase due to interest rate risk, financial market risks and the equity risk.
Credit risk
The credit risk occurs when the borrower becomes unsuccessful in repaying the loan, in other scenarios the lenders who lend money is unsuccessful to detect whether the borrower is capable to repay the money back or not.
The legal compliance is necessary to consider in Australia and this assists in taking up the best strategy which can significantly furnish the business activities. There are external risks factors associated with political factors too which can affect the company’s performance (Chance & Brooks, 2015). These factors need to be detected and based on that the external factors must be assessed in an effective manner. The carrying out of business operations effectively can diminish the risk occurrence within the company.
Internal risks are related to different factors like –
In the given scenario, Aztek must adopt the best possible strategy to communicate with the outsourced company; the strategy must be taken in a way such that the risk incurred can be diminished. In some scenarios, the enterprise can decide to train the employees of the enterprise to adopt the best strategy such that the company does not face such kind of loss. The strategies have been taken to enhance the quality of the customer experience and the customer service. Aztek must be careful if any mishaps occur within the company then the whole reputation can be under threats and thus the reputation of Aztek will be threatened. Aztek being adopting the IT services must be aware of all the IT threats, vulnerabilities and the security measures (Bromiley et al., 2015). The security measures can assist Aztek to conduct the business activities in a more secure manner and Aztek can gain profit as a result of this.
The federal body of Australia has imposed certain rules and every individual including the enterprises must follow the rules imposed. The strict rules and regulations can assist the enterprises to conduct the business operations efficiently and ethically. The regulations will help the managers of Aztek to learn about the issues which are faced by the employees and proper rules and regulations can help to mitigate those risks within. It is the duty of the management to detect whether everything is going on the basis of regulations of the company or not (Sadgrove, 2016). It is also the responsibility of the finance team to monitor the finance section within the company premises and also look for opportunities to increase the profit of the company. Therefore, certain policies must be taken into consideration before proceeding –
Aztek must have a proper risk management plan. Only the effective plan can help them to conduct business activities in agile and effective manner. The issues Aztek face must be well taken care of and if possible must be communicated with the stakeholders to find out a suitable solution to those issues faced. In this way, a healthy relationship can be developed between investors and the stakeholders (Ali, Warren, & Mathiassen, 2017). The report has also highlighted the advantages and the disadvantages the practices of Aztek can bring in.
The report has been prepared by Aztek company. Both the benefits and the disadvantages correlated with IT services carried out by Aztek have been discussed in the report (Ali, Warren, & Mathiassen, 2017). The IT services that Aztek conducts in their premises are network implementation, implementation of software and implementation of a proper management system for the desktop.
Aztek must take efficient decisions to conduct the business activities and also to outsource IT services. Thus they must a threat model to identify the potential risks and the threats that can create loopholes in Aztek. Aztek must find out the best solution to safeguard their business activities. Aztek must take into consideration the threats and the risk intensely otherwise there is a possibility Aztek can get in serious trouble. Aztek provides financial benefits to its customers so it is their duty to store the customers’ data in the database safely and securely. Thus they must consider the security measures via which they can protect the confidential information.
The IT service that Aztek work on must be carried on in a safe and secure manner, otherwise there is a chance that the Aztek can face huge losses and there is a possibility their reputation gets endangered (Ali, Warren, & Mathiassen, 2017). That is why Aztek must cooperate and coordinate and should work on as per the outsourced organisations’ demands. This can certainly check the negative impact of the company.
Strategies to detect security goals- The risks associated with database storage has been showcased in the report. This initiative can assist Aztek to take the correct decision to implement the best policy and by this method, the information can be stored efficiently.
Assess the application- The requirements and the demand for each company are different. Aztek, for this reason, must choose software applications wisely. Ztek should assess the risks associated with that application (Choo, 2014). The risk assessment will help them to furnish the business goals; also it helps Aztek’s management team to take the appropriate decision to take the best decision to safeguard their clients’ sensitive data.
Identification of threats
Phishing attacks- The attack involves hacking of one’s confidential data and account credentials. The intruders copy the HTML code of Aztek and develop a website, a replica of Aztek website. The Aztek clients being unaware of the fact can gain access to the fake website by giving credentials. The intruders getting the credentials can steal the vital information of the clients (Islam et al., 2016). This attack is also carried out by them via emails. The attackers send emails to the clients providing them with the links, the clients upon clicking the link got directed to the fake website, in this way their sensitive data can get breached.
Data Packet Sniffing- The hacktivist can take advantage of the insecure network, can hack it and can take control over the data flow, in this way the clients’ personal data can get breached by the intruders’ attack.
IP spoofing-The hacktivist can change the source of data flow thus one cannot trace the source of attack (Rittinghouse & Ransome, 2016). Aztek’s system if getting compromised Aztek can only identify the malicious data flow but can be unsuccessful to detect the source of the attack.
Port Scanning- The port scanning is the technique by which the activists trace or identify the service which Aztek is using in the cloud system, thus can implant a virus on the system and can make their system vulnerable to attack.
Backdoors- The web developers create backdoors for applications while building a software application or website and via this backdoor, the developers keep an eye on the code executed (Albakri et al., 2014). Similarly, in case of Aztek site there are backdoors which can be a threat to the organisation, thus the developers must take the initiative and remove the backdoor so that the hackers do not get any kind of scope to attack the system.
Identification of vulnerabilities
The management team of Aztek should take effective decision to mitigate the risks related to financing and the IT services. The executive should act in a proactive manner. They also should have sound knowledge on the security and the control measures via which the information security system can be greatly embellished. They must follow the federal body’s rules and policies as that can give them the option to run the business activities more securely and ethically and effectively. They must take up the code of practice that is based on ISO strategy and they can gain huge benefits by this methodology (Chen et al., 2013). The risks residing within the Aztek premises can be checked to a greater extent with the help of this method. For this reason, they must adopt the control measures and should follow the guidelines effectively to make the required changes to enhance the quality of IT services.
Aztek can enjoy the cloud technology and this can cater Aztek with the best services that they can get. The cloud technology can help them to communicate with the clients throughout day and night. Also, the cloud technology can make their business procedures fast and effective. However, they should be mindful of the problems related to cloud computing. All they need is fast bandwidth and fast and secure network connectivity to carry out their business activities (Sawik, 2013). The below factors must be considered while carrying out the business activities and they are-
The above factors suggest that Aztek must take up the effective decision strategy to carry out their business. The effective decision strategy can also help them to fight with the system and the database loopholes or vulnerabilities (Pascoal, 2012). The outsourced tasks can be largely benefitted due to the methodology and decision they adopted.
For this reason, to get the maximum productivity and the advantages, Aztek must take up the effective service level agreement (Dotcenko, Vladyko & Letenko, 2014). The approach can help them to overcome the barriers and can help them in the long run.
Conclusion
It can be concluded from the above discourse that they can get significant benefits if adopt the IT services and the cloud technology. The cloud technology can help them in their business in the long run. The cloud technology can assist to cater better IT services thus more productivity can be expected. This can also help them to build a healthy relationship with clients. However, they should be mindful of the risks, threats and the vulnerabilities in relation to IT services. Therefore, they must adopt the security framework model to secure the business process. They can abide by the policies to execute their business process ethically and effectively. The report has highlighted all these aspects in details.
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