dsrt 839 week 3 q

Running Head: CYBER RISK AND CYBERSECURITY CHALLENGES 1

CYBER RISK AND CYBERSECURITY CHALLENGES 2

Cyber risk and cybersecurity issues have posed numerous challenges to corporates, learning institutions, the banking industry, the healthcare industry, and government agencies. Since 2020, there has been an exponential increase in cybercrime, which has seen the rise of cybercrime from 15% in 2017 to over 50%, as per 2020 statistics on the economic impacts of cybercrimes. Various studies have shown that between 2014 and 2017, the economic effects of cybercrime cost the world between 445 US dollars and USD 608 billion (Sandhu, 2021). This figure represents $100 billion more than the lowest worldwide cost of cybercrime before 2014. The economic impacts of cybercrime activities are currently $1 trillion, and the trend is worsening.

Based on the above statistics on the rate of increases and the economic impacts of cybercrime, it is, therefore, the objective of my project on the topic selected for the dissertation on cyber risks and cybersecurity challenges to focus on better ways of helping business entities, the healthcare industry, as well as learning institutions, come up with evidence-based strategies of dealing with cyber threats to eliminate major economic consequences that are linked to cyber threats and cybersecurity issues  (Sandhu, 2021). Concerning the selected topic- the primary focus of the dissertation will be launching extensive research on the major cyber risks and cybersecurity issues impacting corporates, banks, and healthcare faculties, the types of cyber-attacks that are common, and the increased vulnerabilities of systems to cyber-attacks, provide extensive analysis on the key impacts of cyber-attacks on business and vulnerable organization and as well discuss various strategies that can be employed to reduce cyber risk and cybersecurity issues.

The study will majorly focus on discussing cyber security threats impacting business entities in this digital era. Among the primary areas of focus concerning cyber security risks and threats include risks such as internal risk factors, HTML security issues, Advanced Persistent Threats (abbreviated as APTs), hazards associated with BYOD -bring your device, cyber risk on Cloud computing services, Botnets attacks as well as social engineering. Essentially, studies have shown that a lack of adequate knowledge and understanding of the major types of cybersecurity threats, risk factors, and types of cyber-attacks has progressively led to increasing challenges of cybercrime (Cremer et al., 2022).

This, therefore, means that for business entities and critical industries such as the healthcare industry and banking industry to eliminate currency cyber threats effectively, there is a need to create awareness of the existence of a wide range of cyber risks and hazards along with network theory impacts to equip their employees and IT determinant with necessary tools and knowledge on how to overcome potential cyber threats (Cremer et al., 2022). Additionally, the project will focus on discussing how detrimental cyber threats and attacks can be to corporates concerning legal issues, compliance challenges, and economic impacts to enable corporate to come up with policies and strategies to embrace best cybersecurity practices that protect their systems and IT infrastructure through implementation of efficacious strategy for cybersecurity. The primary objective and goals of the project are to provide recommendations such as the establishment of an incident response plan, progressive cyber security threats assessment and monitoring, creation of network access control, minimization of access to confidential data and systems, as well as the creation of patch management as the approaches for mitigating cybersecurity challenges (Cremer et al., 2022).

References

Cremer, F., Sheehan, B., Fortmann, M., Kia, A. N., Mullins, M., Murphy, F., & Materne, S. (2022). Cyber risk and cybersecurity: A systematic review of data availability.  The Geneva Papers on Risk and Insurance - Issues and Practice,  47(3), 698–736. https://doi.org/10.1057/s41288-022-00266-6

Cremer, F., Sheehan, B., Fortmann, M., Kia, A. N., Mullins, M., Murphy, F., & Materne, S. (2022). undefined.  The Geneva Papers on Risk and Insurance - Issues and Practice,  47(3), 698-736.  https://doi.org/10.1057/s41288-022-00266-6

Sandhu, K. (2021). Advancing cybersecurity for digital transformation.  Handbook of Research on Advancing Cybersecurity for Digital Transformation, 1-17.  https://doi.org/10.4018/978-1-7998-6975-7.ch001

The primary focus of the dissertation will be launching extensive research on the significant cyber risks and cybersecurity issues impacting corporates, banks, and healthcare faculties,  the types of cyber-attacks that are common, and the increased vulnerabilities of systems to cyber-attacks, provide extensive analysis on the key impacts of cyber-attacks on business and vulnerable organization and as well discuss various strategies that can be employed to reduce cyber risk and cybersecurity issues. Among the primary areas of focus concerning cyber security risks and threats include risks such as internal risk factors, HTML security issues, and Advanced Persistent. Threats (abbreviated as APTs), hazards associated with BYOD -bring your device, cyber risk on Cloud computing services, Botnet attacks, and social engineering. Essentially, studies have shown that a lack of adequate knowledge and understanding of the significant types of cybersecurity threats, risk factors, and types of cyber-attacks has progressively led to increasing challenges of cybercrime. The primary objective and goals of the project are to provide recommendations such as the establishment of an incident response plan, progressive cyber security threats assessment and monitoring, creation of network access control, minimization of access to confidential data and systems, as well as the creation of patch management as the approaches for mitigating cybersecurity challenges.