RT Vol XII: Chapter 2: Effect of Cyber Security Risks on Business Continuity and Organizational Performance
From the Book: The Refractive Thinker® Vol XII: CYBERSECURITY


Summary

Cyber security is a highly dynamic domain encircled by cyber criminals. Millions of computer and mobile device users, interconnected through the Internet of Things (IoT), are discovering hundreds of millions of vulnerabilities every year and users around the globe are finding new weaknesses hourly, ready for exploitation. Organizations of all sizes are falling victim to cyber attacks all over the globe. Whenever such intrusions occurred, the consequences for the victim organizations were grave ranging from fines to lawsuits to diminished reputation to ceasing operations. Evidently, many cyber criminals are able to wage relentless attacks on an organization’s information technology assets for long periods, undetected. Consequently, organizational leaders must evaluate their major cyber risks, improve their information security posture, and protect their information assets by implementing appropriate solutions that address people, processes, and technologies. This paper included examination of the various cyber security risks facing organizations in different industries and discussed the effect such risks may have on business continuity and organizational performance. Specific mitigation strategies and recommendations comprised purchasing cyber risk insurance, strengthening organizational cyber resilience, and improving preparedness with better informed human firewalls. The paper featured a special emphasis on the Universant Assess, Educate, Protect, Comply, and Respond information security framework that represents thinking beyond the box as it places the education stage ahead of the protection stage.
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