Comprehensive Security Report: Carlbom Shipping Limited Analysis

This report provides a comprehensive security analysis of Carlbom Shipping Limited, a UK-based shipping company. It begins with an introduction to security concepts and then identifies various risks associated with the company's assets, including credit risk, country risk, foreign exchange risk, interest rate risk, and market rate risk. The main body of the report details physical security solutions, such as maintaining cash registers and using hardware to protect data, along with their limitations. It then explores software security solutions, including cloud networking, antivirus software, encryption, firewalls, and spyware removal, and also discusses their limitations. Finally, the report presents a business continuity and disaster recovery plan, suggesting specific software solutions like ISACA, Prospero, and Zoho products for managing different types of risks. The report concludes by summarizing the importance of data and asset security in an organizational context, emphasizing the need for risk assessment, effective security solutions, and a robust business continuity plan to protect assets and ensure operational sustainability.

SECURITY SECOND
VERSION

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
1. Risks identified in the scenario...............................................................................................1
2. Physical security solutions and limitations.............................................................................2
3. Software security solutions and limitations............................................................................4
4. Business continuity and disaster recovery plan......................................................................5
CONCLUSION................................................................................................................................5
REFERENCES ...............................................................................................................................7

INTRODUCTION
Security is defined as protection of of a place, organization, assets from external as well
as internal threats. Also it is ensured that people having permission to access or enter in it. In
view of information technology, it is an act of defence of non-physical assets and digital
information. For discussion aspects of security, Carlbom Shipping limited has been taken which
was incorporated in 1967.
In this report, risk assessment of different assets have been done. Along with this,
physical security solutions, software security solutions and limitations are discussed (Fernandez-
Buglioni, 2013). Thereafter, business continuity and disaster recovery plan has been made for
company.
MAIN BODY
1. Risks identified in the scenario
According to scenario that has been created, shipping company operating in UK that has
been chosen for analysis is Carlbom Shipping limited. Threats that can cause harm in
international market are also ascertained. Email and task list has been made for proper planning
in given scenario (Pathan, 2016). Assets of Carlbom Shipping limited which needs to be protect
and risks related with them are presented in a table given below:
List of assets Type of risks
Cash and cash equivalents refers to assets that
can be easily converted into cash, it includes
currency, cheques, savings account etc.
Credit or default risk is risk associated with
borrower that does not have ability to pay for
principal as well as interest amount on time.
This risk is mainly related with corporate
bonds.
Marketable securities are financial instruments
such as equity, debts, bonds, stocks which are
redeemable within one year. These are short-
term instruments.
Country risk is that risk which affects whole
country when it does not met its financial
commitments. Default by a country impacts
performance of other financial instruments.
This risk is regarding mutual funds, stocks.
Prepaid expenses are the expenses which are Foreign exchange risk refers to that risk related
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paid in advance but not yet been reported in
financial statements.
to investment in other foreign countries. There
is constant change in exchange rates of
currency which indirectly affects price of asset.
Accounts receivable is said to be balance
amount which is due from customers to whom
goods and services are being delivered.
Interest rate risk refers to risk which affects
value of investment according to change in
interest rate level. When interest rate increases,
prices of bonds decreases and vice-versa.
Inventory is a term used for goods at various
stages on being ready for selling. Stages are
raw materials, finished goods and work-in-
progress.
Market rate risk that effects value of
investment due to fluctuations in market,
economic development, and inflation level.
2. Physical security solutions and limitations
In physical security solutions including integration of system to protect persons, goods
and information and core component technologies indispensable to physical security are provide
(.Rong, Nguyen and Jaatun, 2013). with the help of physical security protect Carlbom Shipping
limited from increasing number of physical security threats.
List of assets Type of risks Physical Security Solutions
Cash and cash equivalents Credit or default risk Maintain proper cash register
because during the business day
and transferred to secure cash
handling area/vault. It will
reducing credit risk by payment
cash and unregistered
transactions.
Marketable securities Country risk Hardware is used for physical
security solutions such as Pen
drives, computer system which
stores data are protected by user
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itself. Prices of these fluctuates
with time so these needs to be
protected from market factors.
Prepaid expenses Foreign exchange risk Prepaid expenses are uncertain in
nature as these are paid in advance
for goods and services that are not
even reported or recognized. Thus,
there should be proper record
should be maintain in stock
register (Venkatasubramanian and
et. al., 2013).
Accounts receivable Interest rate risk Sometimes, customers does not
pay outstanding balance of their
purchases. So, it creates undue
burden on Carlbom Shipping
limited in the form of bad debts.
Customer data should be
maintained in system as well as in
stock register. But often, in stock
register entries are entered twice
due to lack of concentration of
person that maintains stock
register.
Inventory Market rate risk Inventories or assets are important
assets of Carlbom Shipping
limited which are needs to be
protected against waste of unused
stock or raw material, scrap
remains after production, lengthy
processes. Inventory management
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system should be prepared for
stock valuation. Warehouses
should also be maintained
according to different inventory
holding approaches.
Limitations of Physical Security solutions: Physical security solutions are important but
some demerits are also attached to them. For instance, stock register is maintained by accountant
who can misappropriate them and also errors or mistakes can occur due to unconsciousness.
Sometimes, problems caused in hardware in relation with security passwords.
3. Software security solutions and limitations
Software security solutions refers to software that are used for providing safety to
network or system (Schumacher and et. al., 2013). Software security solutions for assets in given
scenario of Carlbom Shipping limited are provided in table below:
Assets Risks Software security solutions
Cash and cash equivalents Credit or default risk Cloud networking can be said
as an important solution of
managing data related to cash
and cash equivalents. As in
this high level of services are
provides network
interconnectivity.
Marketable securities Country risk Antivirus software is used in
this for protecting data that is
transferred from one country
to another. As sometimes data
corrupts in midway while
transferring.
Prepaid expenses Foreign exchange risk Encryption software is also
utilized for preventing from
unauthorized access that can
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cause harm to digital
information. Encryption of
file, network, data is secured
from unauthorized users.
Accounts receivable Interest rate risk Firewall software assists in
blocking viruses, hackers and
worms from computer system
so that network remains safe as
well as protected.
Inventory Market rate risk Spyware removal software
helps in protecting against
different types of malware and
spyware. It cleans system
through multi-layered threat
protection.
Limitations of software security solutions are that these are signature based, lack of
scalability, concentrates on compliance, threat from cyber attackers, difficult to manage etc.
4. Business continuity and disaster recovery plan
Assets Risks Recovery plan
Cash and cash equivalents Credit or default risk ISACA
Marketable securities Country risk Prospero software
Prepaid expenses Foreign exchange risk Vantage Software
Accounts receivable Interest rate risk Zoho Invoice 8.8
Inventory Market rate risk Zoho Inventory management
system 4.6
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Assets of given scenario are cash and cash equivalents, Inventory, marketable securities,
prepaid expenses and accounts receivable needs to be managed to cop up with bad things. Ways
of recovery from these bad things should be prepared in advance. This is done because of smooth
business continuation. Email and task list should be made according to which reaction on risks,
disasters or uncertainties can be given (Disaster recovery plan, 2018). It refers to plan that is
documented to respond to unplanned incidents. Recovery strategies for such kind of issues are
made keeping in mind these factors, budgets, resources (people and physical), position of risk,
technology, data, suppliers. Strategies for disaster recovery plan are resuming mission critical
functions, analysing business processes, risk analysis, business impact analysis, recovery point
objective. These strategies should begin at business level and determining crucial elements. Also
these needs to be aligned in a manner so that business goals and objectives can be achieved.
CONCLUSION
As per the above report it is summarised that security of data and assets risk assessment
considered important in organisational context to preserve the rights of ownership and control on
assets. This report conclude the concept of risk identified in the scenario that covers the risk
needs with arguments. Physical security solutions and limitations summarises the assets
management by manual methods and risk assessments. It is reckoned that business continuity
and disaster recovery plan also concluded in this report with connective assessed risks.
Sustainability of business plan alos helps in considering the changes with viable sections.
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REFERENCES
Books and Journals
Fernandez-Buglioni, E., 2013. Security patterns in practice: designing secure architectures
using software patterns. John Wiley & Sons.
Pathan, A. S. K. ed., 2016. Security of self-organizing networks: MANET, WSN, WMN, VANET.
CRC press.
Rong, C., Nguyen, S. T. and Jaatun, M. G., 2013. Beyond lightning: A survey on security
challenges in cloud computing. Computers & Electrical Engineering. 39(1). pp.47-54.
Schumacher, M., and et. al., 2013. Security Patterns: Integrating security and systems
engineering. John Wiley & Sons.
Venkatasubramanian, K. K., and et. al., 2013. Cyber physical security solutions for pervasive
health monitoring systems. In User-Driven Healthcare: Concepts, Methodologies,
Tools, and Applications (pp. 447-465). IGI Global.
Online
Disaster recovery plan, 2018. [Online] Available
through:<https://searchdisasterrecovery.techtarget.com/definition/disaster-recovery-
plan>.
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