Cyber Security Issues Faced by Australian Business Organisations

CORPORATE GOVERNANCE
STUDENT’S NAME:
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Executive Summary
This report has described the cyber security issues faced by Australian business organisations.
Based on advanced technologies the hackers can access their private financial data and business
strategic plans to take advantage of them. Additionally, the financial data manipulation has
reduced the cash assets of Australian business organisations. The lazy and ignorant nature of
employee ensures that they do not follow the relevant data security procedure in the business.
Ransom ware a type of virus that spreads in the cloud computing devices has helped the hackers
to easily access business information of the companies. Finally, the Blockchain process helped
the hackers to hack the decrypted data of the transactions and manipulate them. Therefore, the
Australian companies have faced unnecessary losses in the business. However, the rules of
Board Principles for Cyber Resilience can help the organisations to present a report regarding
their management effectiveness. Australian company can introduce long-term business strategies
regarding their report against cyber crime. Additionally, the new and advanced encryption tools
helped to encrypt the personal data in the business. This has helped to secure the financial data
from the hackers.
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Table of Contents
1.0 Introduction................................................................................................................................4
2.0 Finding and analysis..................................................................................................................4
2.1 Identification key issue of cyber security and resilience.......................................................4
2.2 Integrate cyber security and resilience protocols to ensure corporate survival.....................7
3.0 Recommendation.......................................................................................................................9
4.0 Conclusion...............................................................................................................................10
Reference list.................................................................................................................................11
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1.0 Introduction
The world is rapidly changing and new technologies are increasing in the market. These new
technologies are also increasing difficulties regarding cyber security. In the recent time,
Australian business organisations are facing cyber security issues. New mechanical intelligence
attracted hackers to access private data of Australian business organisations. Therefore, the
hackers can manipulate the data business organisations to take their cash assets for themselves.
The purpose of this report is to identify the key issue in cyber security and resilience.
Additionally, this report has integrated cyber security protocols to ensure corporate survival and
maintain business performance. Based on the issue regarding cyber security this study has
presented relevant recommendations.
2.0 Finding and analysis
2.1 Identification key issue of cyber security and resilience
Countering cyber risk requires proper evaluation and effective strategies. Proper evaluation can
help to identify the key issues of cyber security. This can also help to take advantage of
opportunities presented by Vast Technology. The organisations can take part in forwarding
thinking and visionary leaders to establish a strategic plan and governance structure in the
business. The Australian business organisation has faced the following issues regarding cyber
security:
New Vulnerabilities
New and advance various technologies such as cloud device, IT technology and internet services
have been introduced in the Australian market. These new technologies are constantly
developing and advanced software is introduced in the market. Based on this new software the
hackers can be able to access the cloud computing device of the organisations. Each new
technology has bought a potential for vulnerabilities for the business organisations. Therefore,
the hackers can access their private financial data and business strategic plans to take advantage
of them. Additionally, the financial data manipulation has reduced the cash assets of Australian
business organisations. Therefore, market liabilities increased and the possibility of bankruptcy
has increased in the market. In the opinion of Gupta et al. (2016, p.5), the organisations can
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