Challenges in Cyber Security for Businesses: A Comprehensive Report

This report examines the significant challenges businesses face in the realm of cyber security. It begins by highlighting the increasing importance of cyber security due to the financial and reputational risks associated with data breaches, and the rise of cyber threats alongside technological advancements. The report then outlines the project's objectives, scope, and reviews relevant literature, covering various types of cyber attacks like ransomware, DDoS attacks, hacktivism, and insider threats. It explores the impact of these threats on businesses and analyzes challenges in tackling them. The report emphasizes the need for proactive measures, including firewalls, access control, security policies, and employee training. It also stresses the importance of threat intelligence software and continuous education to stay ahead of evolving cyber threats. The report concludes by underscoring that cyber security is an ongoing responsibility and a key differentiator for business success.

Running head: CHALLENGES IN CYBER SECURITY FOR BUSINESS
Challenges in cyber security for business
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1CHALLENGES IN CYBER SECURITY FOR BUSINESS
Table of Contents
Introduction................................................................................................................................2
Project objective.........................................................................................................................2
Project scope..............................................................................................................................2
Literature review........................................................................................................................3
Conclusion..................................................................................................................................9
References................................................................................................................................10
Appendix..................................................................................................................................12

2CHALLENGES IN CYBER SECURITY FOR BUSINESS
Introduction
Cyber security has become an important issue for business worldwide with financial
as well as reputational cost of the data braches that create a critical headache for management
of a business organization. On the other hand, while technology is assisting the business
organizations in order to optimize operations through several innovative procedures, the
number of cyber security threats increases. The present study explores the objective of doing
the project and scope of the project in present and future circumstances. In addition,
literatures from several books, journals, articles and websites are reviewed in the study that
helps to get an appropriate conclusion from the study.
Project objective
Objectives of the project can be listed as followed.
 To identify different types of cyber security in business
 To critically analyze how cyber threats impact on business
 To scrutinize the challenges faced by the organizations to tackle cyber security
 To recommend solutions for overcoming the challenges
Project scope
As cyber security becomes one of the major focal points about security risks faced by
the business organizations in twenty-first century, the project would be helpful to find out the
factors responsible for cyber security issues in the business organization. It also helps the
organization to take necessary measures to minimize the cyber security issues in the business.
On the other hand, researching on the same topic can get effective information regarding the
topic. Moreover, the staffs of the business organization can be aware regarding the issues and

3CHALLENGES IN CYBER SECURITY FOR BUSINESS
familiar with the use as well as cyber security laws published by the government and
agencies to be safe and secured on internet.
Literature review
The Global Risks 2015 report published by World Economic Forum (WEF) stated
that there are 90% of enterprises worldwide recognize that they are not adequately prepared
for protecting themselves against cyber attacks (Van den Berg et al. 2014). There is 50%
small business respondents stated that they had data breaches that focused client and
employee information. Being customer, it is required to consider the measure of information
that is sharing with the organizations. In online purchase, the business is probably going to
have a record of your email address, the place of residence; telephone number and possibly
payment information can be leaked.
Liu and Wong (2017) stated that cybercrime harms are expected to cost the world $6
trillion by 2021, while organizations and government foundations are scrambling to ensure
themselves. By 2019, IT specialists predict a cyber security aptitudes deficiency of almost 1.5
million open occupations. Perceiving the requirement for gifted experts in the field, North
central University propelled the Master of Science in Technology and Innovation
Management program, had practical experience in Cyber security (Elmaghraby and Losavio
2014). With the cyber security field developing, there will be a requirement for people
prepared to oversee dangers, alongside fundamental initiative aptitudes expected to oversee
groups of capable cyber security experts. Take in more about the Cyber security degree
programs at NCU.
Tisdale (2015) stated that there are several types of attack faced by the organization in
business such as ransomware, distributed denial of service (DDoS) attacks, hacktivism,
insider threats, fake ads and feedback.

4CHALLENGES IN CYBER SECURITY FOR BUSINESS
Ransomware: It typically prevents the users from accessing vital information on the
machines or networks until giving payment. On the other hand, cyber criminals do not free up
the devices after meeting ransom (Reddy and Reddy 2014). In addition, they try to extort
more money out of victims.
Denial of service attacks (DDoS): The particular attacks are crippled through several
big names over the few years. Denial of service attack is not scaled up to a terabit per second
in some of the instances. The volume as well as scale of the breaches can challenge to
defence the organizations.
Hacktivism: The attacks are dangering compared to the traditional threats for trying to
make a statement by hacktivists overrising safety mechanisms.
The Internet of Things (IoT): McAfee gauges there will be roughly 1.8 billion
associated gadgets in purchaser hands by 2019. Hacking into such systemns will turn out to
be more typical over the coming years, with ransomware and hacktivism thought to be key
issue zones.
There is additionally a noteworthy privacy threat, as smart gadgets regularly contain a
lot of confidential data that cyber criminals could get to (Gunes et al. 2014). As per McAfee,
a few items sold for the current year may have backdoors that are installed through
leveraging by criminals.
Dronejacking: The enterprises as well as customers are utilizing drones in new as
well as existing methods. The cyber criminals take benefits of increasing popularity through
hacking into the technology (Sendelj et al. 2014). A report by McAfee experts explored that it
is very easy to take over toy drone and landing it on the roof of the business organization and
hack local wireless networks.

5CHALLENGES IN CYBER SECURITY FOR BUSINESS
Insider threats: Rawat and Bajracharya (2015) commented that organizations don't
simply confront external threats; there is a critical shot of digital security issues emerging
inside. The IBM 2016 Cyber Security Intelligence Index found that 60% of data breaches in
the former year were because of insider threats.
Of these, more than 66% were individuals with malicious threat, while the rest of the
occurrences were because of inadvertent actors (Sajid et al. 2016). The last alludes to honest
people who unintentionally permitted assailants access to data, or who neglected to take after
safety efforts.
Machine learning: Machine learning algorithms are assisting business organizations
to perform complicated information examination undertakings on gigantic amounts of
information at exceptional paces with insignificant manual information.
Mendel (2017) mentioned that the technology is utilized to identify misrepresentation,
predict the achievement of marketing efforts and automate customer products item
recommendations, and additionally various other innovative applications. On the other hand,
McAfee predicts machine learning will be utilized to carry out violations, for example,
supporting fraudsters in distinguishing high-esteem focuses among huge datasets.
Mobile malware: As a developing number of individuals utilize cell phones to
perform regular business assignments, the probability that cyber criminals will endeavour to
abuse shortcomings in the innovation rises. Kaspersky Lab as of late uncovered that versatile
malware assaults tripled in the vicinity of 2015 and 2016, with the firm recognizing 8.5
million malicious installations (Baylon 2014). The enterprise likewise found that cases of
both mobile banking Trojans and portable ransomware expanded by a rate of 1.6 times over a
year term.

6CHALLENGES IN CYBER SECURITY FOR BUSINESS
The significance of system security as well as network security initial endeavor is
something most organizations know about. However, what is regularly expelled is the way
that keeping up a digital security framework is a progressing obligation. The resistance
systems or frameworks and practices are constantly advancing as dangers seem to be. The
business organization needs progresses toward becoming in danger once a state of
complacency settled on. Depending on obsolete cyber security infrastructure cyber security
issues of the organization relied.
Organizations of all sizes need to take measures to secure their data from cyber
criminals. There are approaches to secure private data from cyber threats listed below.
Introduce a firewall: Similarly as a genuine firewall secures an organization from
spreading security threats. In addition, a PC firewall blocks undesirable data and individuals
from entering a business' PC framework from the Internet. Once the firewall is set up and
working never turns it off of any PC in the business.
Set up an Access Control List. This will enable your business' system administrator
to control which representative approach the PC framework or certain parts of the PC
framework and whether they can sign in remotely or just from the workplace.
Change the default passwords: A report says that particularly are organizations
neglecting to change the POS password word credentials from the maker's default setting to a
custom watchword for the organization. The report additionally prescribes ensuring that all
third part vendors need tp change passwords also.
Build up security polices and obligations. Recognize which representatives need
access to the business data and set up obligations regarding those workers. The Federal

7CHALLENGES IN CYBER SECURITY FOR BUSINESS
Communications Commission prescribes setting a timeframe a worker must be in the part
before get to rights are conceded.
Build up security roles and responsibility: If the business needs to restrict the
utilization of the Internet and web-based social networking to break time, it is required to
ensure the representatives know the arrangement.
Utilize a Web-filtering system: These programs can block malicious software and in
addition from attacking the system as well as compromising data.
Utilize Internet security programs on every PC: The programs work notwithstanding
the firewall to help blocking malicious software from attacking the PC and compromising
data.
Be careful about peer-to-peer sites: In the event that your organization utilizes
distributed sharing, it is required to be mindful of the security of such organizations and
realize what the companion site's securities are.
Get cybercrime insurance: This sort of arrangement covers the obligation of the
organization on account of a cyber attack or an information break (Jajodia et al. 2015). A few
polices can cover legal liability, direct loss as well as consequential loss in order to determine
exposure risks for attacking of the organization.
In order to minimize the issues, threat intelligence software can be used. It utilizes
complex intends to assemble and comprehend online traffic suspicion of an attack. These
programs start by classifying data about the identities, inspirations, qualities, and techniques
for attackers. This information is set in setting against ongoing action to distinguish obtrusive
conduct with evidence based learning. Customisation is likewise conceivable, fitting

8CHALLENGES IN CYBER SECURITY FOR BUSINESS
instruments to suit the system, as danger cautions ought to be instructive, not quite recently
disturbing.
Enhancing digital security abilities
Reddy (2015) stated that over what is said above, up to half of undertakings have
experienced the issue of obsolete cyber security instruction. Old data about programmer
strategies are as futile as obsolete infection definitions. Instructional courses, introductions,
and gatherings are a misuse of exertion on the off chance that they are being keep running on
old and incorrect data, and missing key themes. Shockingly, just 46% of employers offer
more training than a one-time refresher course. This is not sufficient to be familiar with.
Representatives require nonstop progressing instruction. Over re-establishing energy, going
to gatherings it is required to enable security policies to drench themselves.
Organizations can without much of a stretch get a more profound comprehension of
new dangers and approaches to battle them by taking an interest in workshops, white-papers
and online classes. Reliable mindfulness is increased through after cyber security sites and
perusing exchange distributions. Furthermore, it is needed to exploit any security merchant
accomplices, figuring out the most out of the instruments and demand however much ability
from them as could reasonably be expected.
Developing a case for beginning a training system ought not to be a hard offer since a
lot is on the line enough. There is a lot of confirmation that proposes that counteracting
numbness based vulnerabilities is an insightful hazard administration technique. In the event
that client training is not regarded critical, consider how costly settling a hack is, and also
how it could forever remove your business from the diversion (Kuypers et al. 2016). Like
keeping up a house the cyber security system is a progressing obligation and it is best to be
proactive about keeping everything in great working request. On the off chance that there is a

9CHALLENGES IN CYBER SECURITY FOR BUSINESS
probability of powerlessness or a risk performer, address worries before they progress toward
becoming emergencies (Razzaq et al. 2013). It is fundamental that to comprehend the
security stance of the enterprise. Security needs to wind up noticeably a key differentiator for
your business. It can be the refinement amongst winning and losing an aggressive contract for
administrations, or constraining brand harm from an information rupture.
Conclusion
From above discussion, it can be stated that it is important for an organization to
develop security policies for securing the organization from cyber threats. On the other hand,
enabling technology like firewall, anti-virus software cab be helpful to minimize the security
issues faced by the business organizations. In addition, it is crucial to be aware on using
system, network and confidential information of the company that can allow the organization
to be hampered by cyber security criminals. Training program to the staffs of the organization
can be helpful to achieve this and secure the business organization from cyber security issues.

10CHALLENGES IN CYBER SECURITY FOR BUSINESS
References
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Jajodia, S., Shakarian, P., Subrahmanian, V.S., Swarup, V. and Wang, C. eds., 2015. Cyber
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