Step 15 Plan for the IRP Implementation

Analysis of current technology development

Urie L. Reed

Policy Alignment Report

Dr. Roger Ward

CMP 640 Cyber Security Program Development

University of Maryland Global Campus

Analysis of current technology development

Mobile payment technology

The development in business transactions, especially where business is transacting at an international level, has forced business organizations to shift into a developed mode of transactions that will support global business transactions. Mobile payment is the current technology used by business organizations to ensure that payment is being made through mobile phones. Therefore, mobile payment is the related transactions through mobile devices that individuals within the business organization handle.

Mobile payment technology has increased the speed and efficiency of business transactions, resulting in success in the international business market. Despite the advantages, cyber security threats affect the policy of the implementation of mobile payment options (Ozturk, Bilgihan, Salehi-Esfahani, & Hua, 2017). The associated cyber security threats include stealing mobile devices, and with such devices, third parties may transact, causing loss to the organization.

The second threat is the existence of many hackers in public Wi-Fi, where when the organization's mobile device is used, it can be hacked and information obtained, which the hackers can use to make transactions. Another vulnerability is the weak password used to secure mobile devices, which hackers can easily use to access the device and obtain relevant information. Phishing scams are another threat that takes advantage and dupe mobile device users hence accessing the transaction history and data stored in mobile devices (Pal, De, & Herath, 2020). Lastly, human errors are neither vulnerability that hackers can use to access the information obtained on mobile devices.

Therefore, the development of mobile payment technology affects cyber security policies at the enterprise level by requiring the business enterprise to come up with procedures regulating the use of mobile devices, such as the use of strong passwords and a user name that is coordinated and controlled by the chief information officer of the enterprise. The second impact on the policy of the enterprise is where the enterprise will have to come up with new regulating governing the use of the internet where public Wi-Fi needs to be prohibited, and employees using the mobile devices are encouraged to use the private network while transacting.

The increase in cyber security threats associated with mobile payment technology impacts both national and international policies on cyber security. There is a need for both national and international regulatory bodies to ensure that mobile payment companies adhere to privacy concerns by installing security features that make it hard for hackers to access transaction history available in mobile devices (Lin, Wu, Lim, Han, & Chen, 2019). National and international regulatory bodies must ensure that mobile transactions companies use end-to-end encryption technology to ensure that shared transactions information does not get into the hands of hackers who can manipulate it or get confidential transaction information.

Mobile device privacy concerns need to be addressed to ensure that business organization benefits from the advantages of mobile payment technology. The privacy concerns revolve around how mobile manufacturers handle the information they save concerning mobile users. When users transact using mobile devices, the information about the transactions is stored by the parent company in charge of the mobile payment transactions. Therefore, to ensure the security of the stored data, there is a need for the company to ensure that the servers are secured to prevent hackers from accessing the transaction history.

Changes in the policies have to be effected to ensure the privacy and safety of mobile devices used for payment and other transactions on behalf of business entities. Privacy is essential, and it needs to be considered in cyber security policies in mobile devices being used within the organization.

References

Lin, X., Wu, R., Lim, Y. T., Han, J., & Chen, S. C. (2019). Understanding the sustainable usage intention of mobile payment technology in Korea: cross-countries comparison of Chinese and Korean users. Sustainability, 11(19), 5532.

Ozturk, A. B., Bilgihan, A., Salehi-Esfahani, S., & Hua, N. (2017). Understanding the mobile payment technology acceptance based on valence theory: A case of restaurant transactions. International Journal of Contemporary Hospitality Management.

Pal, A., De, R., & Herath, T. (2020). The role of mobile payment technology in sustainable and human-centric development: evidence from the post-demonetization period in India. Information Systems Frontiers, 22(3), 607-631.