Analysis of Cyber Security Challenges in the Business Sector

This report provides a comprehensive analysis of the cyber security challenges that businesses face in the modern digital landscape. It delves into the importance of cyber security, highlighting the vulnerabilities created by the increasing reliance on internet and technology. The report identifies key challenges such as the evolution of ransomware, the role of AI in cyber security, the threats posed by the Internet of Things (IoT), the impact of blockchain technology, and the vulnerabilities of serverless applications. It emphasizes the need for businesses to invest in robust security measures, including disaster recovery strategies and the adoption of advanced technologies to counter evolving cyber threats. The report underscores the financial implications of cyber security breaches and the importance of proactive measures to protect sensitive data and maintain business operations. This report is valuable for understanding the current threat landscape and implementing effective cyber security strategies.

Running head: BUSINESS RESEARCH
Challenges in Cyber Security for Business
Name of the student
Name of the university
Author Note:

2
BUSINESS RESEARCH
Table of Contents
Introduction......................................................................................................................................3
Project Objective.............................................................................................................................3
Project Scope...................................................................................................................................4
Literature Review............................................................................................................................4
Cyber Security.................................................................................................................................4
Importance of Cyber Security in Business......................................................................................5
Challenges of Cyber Security for the Business...............................................................................5
Conclusion.....................................................................................................................................12
Reference List................................................................................................................................13
Appendix........................................................................................................................................15
Appendix 1.....................................................................................................................................15
Appendix 2.....................................................................................................................................16

3
BUSINESS RESEARCH
Introduction
The following report is based on the determination of the challenges faced by the
business organizations from cyber security. The use of internet by the different business
organizations has changed the way business is done in the modern world. The use of this ultra
modern technology has no doubt changed the approach of the business organizations towards its
customers. Cyber Security consists of different technologies, processes and controls that are
designed to protect the systems and network data from any kinds of cyber attacks. Nowadays
most of the organizations implement technological tools to carry on different business operations
(Cherdantseva et al., 2016). The advent of the computer technologies and internet has both been
a blessing as well as a doom for the operations of the organization. Therefore the main challenge
of the management of the business organizations is to protect their systems from being harmed
from any types of potential online threats. The report gives a clear idea on the kind of threats
being faced by the organizations and the measures that the business organizations implement to
counter such threats.
Project Objective
The topic of the report clearly indicates the objective which is to determine the different
types of security measures implemented by the organizations to counter the threats posed by the
different cyber attacks. The report has been a great source of knowledge on how the
organizations implement cyber security techniques and what the ways by which these threats are
handled. The report has also the objective of providing insight into the world of cyber security
and the harassment that the business organizations face as a result of such harassment. The
successful completion of the following assignment will help to provide a transparent picture on

4
BUSINESS RESEARCH
the learning outcomes of the business. This includes the definition of cyber security, the ways by
which cyber security is arranged in the business organizations and last but not the least the ways
in which it is implemented within the organization.
Project Scope
The topic that has been selected for discussion is itself one of the trendiest topics. This is
because cyber security is now a household name for the business organizations. Almost all the
business houses that implements computing technologies and uses internet to operate in the
modern market faces issues with cyber security. The project thus takes a large number of
different information into consideration. The consideration of such varied information helps to
make the scope of the project much larger. The report can act as a great help for the future
researches on the same topic. Such researches can receive important information regarding cyber
security from the current research.
Literature Review
Cyber Security
Cyber Security means the different body of technologies, progress and different practices
that are constructed to protect the different networks, programs and devices from different cyber
attacks in the source of virus, spam and other kinds of online attacks (Fielder et al., 2016). The
cyber security may also be termed as the security to information technology.

5
BUSINESS RESEARCH
Importance of Cyber Security in Business
Cyber Security is one of the most important elements of a business organization as it is
needed to store, collect process and analyze the large number of information on the computers
and other computing devices. This information is always sensitive in nature and any forms of
data leakage can harm the business operations as well as the reputation of the business. The
management of the organizations transmits the secret data through a number of different
networks and to other devices in the process of doing the different types of business. Therefore
leakage of this kind of sensible data will seriously affect the management of the business
organization (Graham, Olson & Howard, 2016). The growth in the volume and sophistication of
the cyber attacks is a great worry for the different business organizations as they become more
vulnerable to different new attacks with the passage of time. Therefore it is utmost necessary for
the business organizations to have a perfect defense in place to save themselves from any kind of
threats that have its source from the computer technologies like internet.
Challenges of Cyber Security for the Business
A study conducted by, Graham, Olson and Howard, (2016) cybercriminals are going to
create 3.5 million new, unfilled cyber security jobs by the year 2020. If this is compared with the
year opening of 2016 it will be seen that there has been an increase of 350% in just a span of 4
years. The alarming rate of such an increase will be a great source of problem for the business as
because it directly implies the rate of increase in the crimes originating from the internet. The
business organizations are the most vulnerable in the line as they are going on investing large
sums of money to hire different IT professionals so that they can save their business from the
hands of such crimes. The ultimate aims of the business are to secure and safeguard the interests
of their customers and provide them the best products and services accordingly. A calculation in

6
BUSINESS RESEARCH
the year 2017 alone accounted for a huge sum of $86.4 billion on cyber security measures that
were spend by the different business organizations alone. There are a number of different types
of cyber security challenges and trends that will be the main challenge for 2018. They are as
follows;
1. Evolution of Ransom ware- Ransom ware is one of the biggest challenges to cyber
security. The following tends to disrupt the operations of the business organizations in a
very hard way. This type of viruses is spread with the intention of demanding different
things from the victim. This type of viruses is very difficult to remove from the system
and can only be removed by means of paying or meeting the demands of the attacker.
Most of the demands are in the form of financial transactions where amounts can shoot
up to some hundreds and thousands of dollars (Graham, Olson & Howard, 2016). The
ransom ware attacks are growing at the most alarming rate which has risen from the
crimes of the earlier year. Over 77% of the malicious items in the internet are malwares
and any mistake from the part of the business organizations can land them into serious
issues and can totally damage the operating system of their servers. However most of the
organizations fails to understand the necessity of cyber security and does not implement
the necessary tools to counter those threats. This makes the task of the hackers easy and
they are able to spread the virus and demand ransoms. More than 40% of the business
organizations of the globe either do not possess any forms of disaster recovery strategies
or the disaster recovery systems of their organization are outdated and of no use from
new forms of attacks.
2. Al Expansion- Artificial intelligence has been in the news for quite some time as it is
being termed as the next big thing to fight the cyber attacks of all kinds. Experts in the

7
BUSINESS RESEARCH
business predict a rise in the investment of artificial intelligence in the globe to measure
the incoming range of cyber attacks within the business. An amount of about $2.5 billion
will be invested by the different companies on artificial intelligence to prevent the
different kinds of cyber attacks. The development of robotics brings with it a number of
different advantages in the business sector (Fielder et al., 2016). The first and foremost
benefit of the organization is that they don’t have to pay the robots for their work and so
the business does not have to incur any expense on them except for maintaining them
accordingly. Secondly the robotic technology works round the clock and all the year
which is one of the major benefits of the business organizations. Timing is one of the
most important considerations in the sector of the business as because it will be much
easier for the organizations to fight the malicious items once the attack is on. On the other
hand it will be an uphill task for the It experts to repair the damage once it is already
done. Therefore the robotic technology is a game changer in the following sector and is
surely the future of the business organizations which will assist them on their growth.
Traditionally It experts came up with the solutions or failed to repair the damage as
because it was not possible for them to work overtime and wait for different kinds of
malicious attacks. The developers have a great understanding of the different facts and
the programs of the organization and thus both robotics and It experts have to work hand
in hand to counter the threats posed by the different malicious software.
3. IoT Threats- The majority of the business organizations are active in the internet round
the clock just to reach out to a large number of people to market their products and
services. The introduction of the Internet of Things has no doubt changed the future of
the world but has also different threats that need to be countered. The high range of

8
BUSINESS RESEARCH
interconnections in the complex world of Internet makes the organizations vulnerable to
different kinds of threats that are present within this area. Major studies in the following
area showed that over 70% of the devices used by the business organizations are
susceptible to threats (Fielder et al., 2016). This happens just because of the presence of
insecure web interfaces, data transfers and insufficient methods of communication. It also
happens due to the lack of knowledge from the part of the users about the proper security
measures to be implemented when using such devices. This is the ultimate truth that is
supported by the facts of inter device communication. Thus the fact that accessing one
device lets the user to handle a number of different devices increases the risk of the
organization. Therefore it can be said that more the interconnectivity of devices, the more
is the risk possessed. Therefore it is important for the business organizations to keep
proper security measures like secured password, user verification codes, two factor
authentication and other kinds of more complex security measures to avoid any risks.
4. Block chain Revolution- The emergence of different forms of crypto currencies in the
internet has been a revolution. These kinds of crypto currencies like Bit coin are build
upon different block chains, the technical innovation and a decentralized and secure
record of different transactions. It is quite difficult to predict the offerings of the
development in the block chains. The business enterprises are thus concentrating on a
number of different used cases which the block chain helps to enable from different
medical records and other forms of decentralized access control (Graham, Olson &
Howard, 2016).
5. Vulnerability of server less applications- Server less applications can easily invite the
cyber attacks. The information of the customers in a business organization is at huge risk

9
BUSINESS RESEARCH
when it is being accessed from outside the server like locally or other devices. The
information nowadays is generally stored in the cloud servers which are generally
accessible from all kinds of devices and even the security is accessible from any kinds of
devices in such cases. Therefore the hackers are easily able to control the different kinds
of security measures taken by a customer of the business organization. The presence of
server fewer applications are thus vulnerable to different attacks. The vulnerability of
these kinds of attacks does not help the cause of the business and thus makes them prone
to different threats (Knowles et al., 2015).
6. Drone jacking- Organizations and consumers are using drones in new and innovative
ways and the cybercriminals are ready for utilizing the golden opportunity to hijack the
drones by hacking the technology (Liu et al., 2015). Reports have claimed that it is very
easy to hack a toy drone and use it for criminal purposes by landing them over the roofs
of different buildings and hacking the networking system.
7. Social Engineering- Cyber security technology is becoming more advanced and complex
with each passing days. The hackers thus are finding it tough to match the system
technologies and hack them. However the presence of social engineering has given them
another option to counter such complex technologies and hack the systems easily enough.
The most popular types of example includes the likes of phishing technology which
involves deceiving important data and information from the different individuals and use
them to hack the system more easily. The anti phishing technologies must be installed by
the different business organizations to make the system secure and safe from the hands of
the hackers.

10
BUSINESS RESEARCH
8. Insider Threats- Business organizations are obviously vulnerable to cyber attacks from
external threat but internal threats which occur from within the business can be the most
dangerous and have a much greater impact on the operations of the business
organizations. The security issue that arises from within the inside of the organization is
very much harmful for the business as because it is totally unpredictable in nature and is
hard to solve (Liu et al., 2015). Sixty percent of the data breaches occur as a result of
different internal threats. More than half of the workforce of the organization has
malicious intent and aims to disturb the proper working of the organization. There are
also people who are not aware of the intents of the hackers and provides them different
types of information unintentionally which leads to the occurrence of different kinds of
threats.
9. Machine Learning- The machine learning algorithms have been constantly helping the
business organizations perform different types of complicated data analysis tasks on huge
quantities of data at a large speed with a minimum manual input. According to, Nielsen
(2015) this type of technology is used to determine the different kinds of frauds and can
also determine the success rate of the different kinds of marketing campaigns and
automated consumer product suggestions and many other types of innovative
applications.
10. Mobile Malware- The use of mobile devices is on a rise with the business organizations
as because they are easy to carry and have the same kind of applications that are
performed in a computer. However the cyber criminals have also targeted such mobile
devices by creating different virus that are spread with the use of different kinds of
applications. Different kinds of business organizations thus take the help of antivirus

11
BUSINESS RESEARCH
software to fight against such kinds of mobile malwares (Ray et al., 2014). There are also
Trojans and mobile ransom ware that have the capability to disrupt the services of the
organization.
11. False advertisements and different feedbacks- The presence of false advertisements in
the social media sites has been a problem for the consumers of the business organization
as because the customers often falls into such traps set by the hackers. Fake
advertisements are creating enough tensions for the business organizations as because
they tend to disrupt both the operations and the reputation of the company.
12. Absence of Firewall- The absence of firewall in most of the servers of different business
organizations or the presence of outdated ones are a threat to the organization and a boon
for the hackers of the organization (Ray et al., 2014). The adaption of a new firewall
system that can counter all the threats will be useful for the business organization.
13. Monitoring Cloud Configuration and Security- The monitoring of the cloud based
software and the regular update and checking of the security of the entire system on a
regular basis is utmost important for the management of the business organization to
ensure the safety and integrity of the business organization (Shackleford, 2015). The
regular update is required just to ensure that the system stays protected from the different
kinds of threats possessed by the cyber threats. The hackers are involved in the creation
of new forms of hacking technologies with the passage of each and every day. Therefore
it is necessary for the business organizations to make sure that they regularly update the
security system and provide the best technologies to stay risk free.
14. High Impact Attacks- The biggest challenge is faced by the organization when a high
impact attack tends to disturb the total working of the business organization. Viruses such

12
BUSINESS RESEARCH
as Wannacry, Shamoon v2 are really harmful and can cause extensive damage to the
proper working of the business organization. Thus it is necessary for the enterprises to
stay updated and ensure a risk free environment (Ray et al., 2014).
Conclusion
The following paper has discussed all the different elements and terms related to cyber
security. The discussion, explanation and the proper recommendations to counter the different
cyber security threats has made the project compact and flawless in nature. The brief yet compact
description of cyber security, the importance of cyber security and the different threats and the
challenges it provides has been well explained in the project. The analysis of the total work will
help the readers to have a clear understanding of Cyber security and its importance to business
organizations in the modern world.

13
BUSINESS RESEARCH
Reference List
Amini, L., Christodorescu, M., Cohen, M. A., Parthasarathy, S., Rao, J., Sailer, R., ... &
Verscheure, O. (2015). U.S. Patent No. 9,032,521. Washington, DC: U.S. Patent and
Trademark Office.
Ashenden, D., & Lawrence, D. (2016). Security dialogues: Building better relationships between
security and business. IEEE Security & Privacy, 14(3), 82-87.
Brown, S., Gommers, J., & Serrano, O. (2015, October). From cyber security information
sharing to threat management. In Proceedings of the 2nd ACM workshop on information
sharing and collaborative security (pp. 43-49). ACM.
Carpenter, S. G., Boice, E. T., Kowalczyk, A., Dietrich, K., Gadhe, G. P., & Knapp, E. D.
(2018). U.S. Patent No. 9,930,058. Washington, DC: U.S. Patent and Trademark Office.
Carr, M. (2016). Public–private partnerships in national cyber‐security strategies. International
Affairs, 92(1), 43-62.
Cherdantseva, Y., Burnap, P., Blyth, A., Eden, P., Jones, K., Soulsby, H., & Stoddart, K. (2016).
A review of cyber security risk assessment methods for SCADA systems. Computers &
security, 56, 1-27.
Fielder, A., Panaousis, E., Malacaria, P., Hankin, C., & Smeraldi, F. (2016). Decision support
approaches for cyber security investment. Decision Support Systems, 86, 13-23.
Graham, J., Olson, R., & Howard, R. (Eds.). (2016). Cyber security essentials. CRC Press.

14
BUSINESS RESEARCH
Knowles, W., Prince, D., Hutchison, D., Disso, J. F. P., & Jones, K. (2015). A survey of cyber
security management in industrial control systems. International journal of critical
infrastructure protection, 9, 52-80.
Liu, Y., Sarabi, A., Zhang, J., Naghizadeh, P., Karir, M., Bailey, M., & Liu, M. (2015, August).
Cloudy with a Chance of Breach: Forecasting Cyber Security Incidents. In USENIX
Security Symposium (pp. 1009-1024).
Nielsen, R. S. (2015). CS651 Computer Systems Security Foundations 3d Imagination Cyber
Security Management Plan(No. LA-UR--15-21507). Los Alamos National Lab.(LANL),
Los Alamos, NM (United States).
Ray, P. D., Kumar, A. B. R., Reed, C., & Agarwal, A. P. (2014). U.S. Patent No. 8,856,936.
Washington, DC: U.S. Patent and Trademark Office.
Shackleford, D. (2015). Combatting cyber risks in the supply chain. SANS. org.
Soomro, Z. A., Shah, M. H., & Ahmed, J. (2016). Information security management needs more
holistic approach: A literature review. International Journal of Information
Management, 36(2), 215-225.
Trim, P., & Lee, Y. I. (2016). Cyber security management: A governance, risk and compliance
framework. Routledge.
Xu, G., Yu, W., Chen, Z., Zhang, H., Moulema, P., Fu, X., & Lu, C. (2015). A cloud computing
based system for cyber security management. International Journal of Parallel,
Emergent and Distributed Systems, 30(1), 29-45.

15
BUSINESS RESEARCH
Appendix
Appendix 1
Figure 1: KDM Analysis of Cyber Security
Source: (Trim & Lee, 2016)

16
BUSINESS RESEARCH
Appendix 2
Figure 2: NIST Framework
Source: (Soomro, Shah & Ahmed, 2016)