dsrt 839 1.3

Background And Problem Statement

For decades, cyber threats and cybersecurity challenges have been a great concern for business entities and the world. Every day, the issue of cyber risk and threats has become more complex, problematic, and costly to companies. Studies indicate that the number of reported cybercrimes and their impacts will continue rising due to existing gaps in the knowledge about the types of cyber-attacks, the frequency or probability of occurrence, and the impacts associated with each of the potential cyber threats (Möller, 2023). There is also a need for preparedness due to the progressive increase in cyber-attack complexity worldwide (Saeed, 2023). Also, lack of monitoring and active threat hunting forms the basis for increased incidences of cyber. For business entities, along with learning institutions and healthcare organizations, to effectively combat cyber risk and challenges that come with cyber threats, organizations should have adequate, reliable, and the right monitoring solutions to minimize potential cyber threats (Salim & Madnick, 2018). Other gaps and weaknesses that exacerbate incidents of cyber threats include acting too late, having systems open to fraud, third-party risk, poor incidence handling, and a lack of effective strategies to facilitate quick response to disasters associated with cyber threats (Nambiar & Gonsalves, 2022).

Based on the above gaps in the cybersecurity space, this report will therefore focus on generating insights that could create and raise awareness on various types of cyber threats and the impacts they cause to organizations. This will further help organizations review their policies and establish advanced cybersecurity guidelines that could be used to implement security best practices to curb challenges that come with cyber threats. This report will focus on eight major areas of importance in understanding best society practices that can be adopted to mitigate cyber risks and cybersecurity challenges effectively (ANDREIANU, 2023). The area of concern in this report will include discussing significant cyber risks, cybersecurity challenges, and common cyber-attacks used by cybercriminals to steal and compromise computer-based systems and devices. The report will also discuss a more practical, theoretical framework for organizations and researchers to establish cyber risk and security challenges. The report will finalize by highlighting various benefits of having adequate knowledge of cyber risks and cybersecurity issues, as well as provide recommendations to organizations on how to mitigate a wide range of cybersecurity issues and curb the menace that comes with cyber threats.