Reflection on Data Security: Business Impact, Challenges, and Future

This essay presents a student's reflection on data security and its impact on business and accounting, highlighting the increasing risks in the digital age. The reflection includes a personal experience with identity theft, underscoring the importance of protecting private information. The essay also discusses various methods organizations can use to enhance their security, such as network security, operating system and database security, and secure code maintenance. It emphasizes the need for heightened awareness and proactive measures to mitigate cyber risks in both personal and professional contexts, especially with the rise of digitalization and sophisticated cyber threats. The student aims to apply these lessons to identify and secure future opportunities while addressing challenges in data security.

Running head: REFLECTION
REFLECTION
Name of the student:
Name of the university:
Author note:

1REFLECTION
Privacy in the digital age where every aspect and institute is digitalizing its operation is
leading to a risk in regard to security (Bouyon and Ayoub 2018). The paper will discuss on one
my reflection on my learning in the areas of data and security and the way it impacts business
and accounting. The paper will also discuss the ways I will prepare myself to meet the challenges
and also to identify and secure opportunities when they present.
Cyber risks are one of the most concerned risk that every business and individual fear
(Rid and Buchanan 2015). In the generation of OTPs, virtual credit cards, biometric and many
more related, we often do not heed this advice while exchanging sensitive personal data.
According to research, cyber attacks are seen as the third-likeliest risk for every business that
may cause data fraud and theft. The emerging technology and digital strategies are becoming
more sophisticated. Even the malicious actors are stepping up their effort in order to extract as
much values as possible being far from the brand by utilizing the brand’s reputation, public
safety, consumer trust and entire economies.
One day I received a call from my credit card company that said someone else was trying
to obtain a credit card using my name and address along with my social security number. I look
over my credit card reports when I decided to assess the damage. The impersonator had gotten
deep into the system, the hacker was able to override my answers to the security questions.
Eventually guessed the answer and saw the extent of the damage. I also saw that the
impersonator had created more than 30 accounts in my name and got credits such as cable,
electricity and even newspaper subscription. The companies even came after me to get the
money back. After I notified the police, everything was tracked down the impersonator. I
managed a court order and managed to fix most of the damage.

2REFLECTION
This was one my experience that has taught me the importance of being careful with
private information. Considering the damage it did to me, the potential of the cyber attack cannot
be imagined for businesses and firms. Therefore, in order to avoid such incidents in business or
individually there are certain methods that I will pay extra attentions. Network security,
operating system and database security, front-end security, custom code security, secure
maintenance of code, secure configuration and communication security are the ways an
organization can prevent their confidential information (Fitzgerald 2017).
The rise in digitalization has certainly brought an entire new concern in regard to privacy.
We often do not realize the importance of the advice that we all have learned by our mothers in
our childhood, ‘never trust a stranger’.

3REFLECTION
References:
Bouyon, S. and Ayoub, J., 2018. Consumer Credit, Digitalisation and Behavioural Economics:
Are new protection rules needed? (No. 13831). Centre for European Policy Studies.
Fitzgerald, T., 2017. Treating Cyber Risks Using Process Capabilities. The Cyber Risk
Handbook: Creating and Measuring Effective Cybersecurity Capabilities, pp.123-141.
Rid, T. and Buchanan, B., 2015. Attributing cyber attacks. Journal of Strategic Studies, 38(1-2),
pp.4-37.