Cyber-Crime: An Analysis of Risks, Consequences, and Mitigation

This report provides a comprehensive analysis of cyber-crime, exploring its increasing risks, consequences, and mitigation strategies. It examines the two main categories of cyber-attacks: data security breaches and sabotage, detailing the potential financial, reputational, and legal repercussions for organizations. The report emphasizes the growing vulnerability of businesses due to expanding online services and technological advancements, including cloud computing and mobile services. It discusses the importance of board-level responsibility for cyber security, outlining principles and tools for cyber resilience, including risk assessment, reporting, and resilience planning. The report highlights the need for integration of cyber security measures, such as cloud-based solutions, to protect data and maintain competitiveness, particularly within the context of corporate governance. The document also explores the principles and tools developed by the World Economic Forum to help boards address cyber risks, including the use of a cyber risk framework and insights on emerging technology risks, offering a strategic approach to managing cyber threats.

Cyber-Crime

Table of Contents
INTRODUCTION...........................................................................................................................1
Consequences of Cyber-crime: -.................................................................................................1
Vulnerability is rising: - .............................................................................................................1
Countering Cyber-Risk: - ...........................................................................................................2
Using the principles and tools: -..................................................................................................3
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Currently the main International agenda is to management and reduce the risk of cyber crime
which is continuously increasing with the encouragement in technology development and its
impacts regarding to the security which could endanger the economy at global level. According
to the report of Global risk 2015 which was published by the World Economic Forum, includes
the stake warning that is around 90 percent of the companies have recognised that they are not
sufficiently prepared to protect themselves against any type of Cyber-attack against their
company (Vance, 2014).
Consequences of Cyber Crime: -
Majorly cyber-attack falls into two categories which are “breaches in the data security” and the
“Sabotage”. Data security breach consists of personal data, trade secrets of the company, their
intellectual property and other information relating to mergers, prices and bids. Whereas,
Sabotage consists of different forms such as denial of the service attacks, flood web services, as
well as other conventional efforts which can disable the infrastructure and system.
In addition to this other commercial losses and problems which is regarding to maintenance of
public relations and other possibilities of the extortion. Introduction of cyber-attack may also
expose an organisation to its regulatory actions, claims for negligence and others. It is also very
much important that the sufficient proportion of the cyber-crime which goes undetected, and
other access to the confidential documents and the data in industrial espionages. These
undetected security beaches can put a disadvantage and can results in the loss to the organisation.
These crimes are operated across the border and to be secured from these cybercrime every
technological sector is working in order to protect their valuable data to being stolen and others,
for this responding to the cyber-attacks, both fine knowledge of law enforcement agencies and
regulations along with global vision are highly required (Hay, Nance and Bishop, 2011).
Vulnerability is rising: -
Despite the best efforts from the cyber security experts, agencies and Government agencies the
cyber-crime is continuously likely to increase. The rate in growth of cybercrime is also being
driven with the increase in the expanding number of the online services available and other
enlightenment which are widely running from the range of the security agencies and cyber
experts. With the increase in the innovation of technology the rate and chances of online danger
also increases, for an example the migration of critical data to the third-party cloud in which the
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cyber-criminal has more opportunities to misappropriate the critical information by target
attacking on the signal. Similarly, with the increase in the mobile services' technology and
multiply increased the opportunities for the penetration in security measures. Other systems such
as infrastructure, and the controlling of the services such as generation of power and other
services in the industries highly depends on machine to machine (M to M) technology and the
protection of this network is highly crucial for companies in order to maintain their brand
specification and products uniqueness.
Countering Cyber Risk: -
Cyber security can be referred to the board level responsibility. For the negative Cyber risks in
the company, it provides a significant change in the strategies by the leaders across the industry
and other different sectors of the company, these countering of the cyber risks must overcome to
provide an advantage and different other opportunities in order for the development of the
company. In this context, public companies should have to disclose their risk in material and
facing of the specific details which would enables the investors in assessing the magnitude of
these risks (Simmons and Chi, 2012). Companies are also required to consider disclosure links to
potential costs which are relating to the protection from the cybercrime attack and other
continent liabilities and their asserted claims relating to their prior breaches which would help
the company to be secure, and any failure in disclosure can lead the company for the additional
possession dealing with cyber-attack. Basically, there are no shortage to the advice which can
deal with the risk of cyber-attack and suitable plans development for to deal with these cyber-
attacks.
Countering cyber risk can present the Board level capabilities for the strategic thinking in
order to maintain both solution for innovation and risks from the technology.
In this context company ca develop several strategic objectives in order to deal with counting
cyber risks such as,
 To develop particular security system which can maintain the data security, in order to
prevent the stealing of the stokes and other importance data which is confidential the
information of the company.
 This team must consist of legal document experts who can support and provide direction
for the security of the company and ready to deal with any type of cyber risks.
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 To increase board level capabilities for the strategic thinking in order to maintain risk and
technological innovation in an organisation.
 To imply such tools and strategies to develop such great security which can't be easily
cracked by the hackers.
Cyber risk management and cyber resilience are the critical challenge for most of the companies
today. This management organisation however feels the absence of several tools in the
management of the cyber risks with same confidence that can manage other risks (Halder,
Jaishankar and Jaishankar, 2012). Cyber risks are the challenges which are arranged
systematically and cyber resilience a public good. Furthermore, the adoption of technology can
create an urgency which can't be ignored.
As a corporate governance consultant of the listed Australian stock exchange company,
Organisation can meet and offer several principles and tools along with different forum hopes to
facilitate the useful dialogue between boards.
Using the principles and tools: -
Board principles for the Cyber Resilience-
Principle 1-
Cyber resilience responsibilities, ultimately the whole responsibility for the oversight of cyber
risk and resilience is dependent of the board, in this board may delegate oversight activity to
existing community.
Principle 2-
Command of the Subject, Cyber resilience orientation are received by the board members and
regular updates on the current trends and threats.
Principle 3-
Accountable officer, it is the responsibility of the board to ensure one corporate officer is
accounting and reporting on the capabilities of the organisation to the management of cyber
resilience and the progress of these in order to the implementation of these resilience goals. It the
responsibility of the board to that the officer is having the sufficient and regular access on the
authorities, subject command and other asserts and resources for completion of their duties.
Principle 4-
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Integration of cycle resilience (Florêncio and Herley, 2013). This board ensures management
integrates cyber resilience and the assessment of the cyber risks into business overall strategies
and wide management of risk along with the resource management and budgeting.
Principle 5-
Risk appetite. The board of the company defines and quantify risk tolerance in the business
relating to cyber resilience and ensuring that is consists of risk appetite and corporate strategies.
The board is also advised for risk exposure of both future ad current market and regulation of
requirements of risk appetite.
Principles 6-
Reporting and risk assessment. The board keeps the management in accountable way for the
reporting an understandable and qualified cyber risks assessment with threats assessment, events
and other agenda during the board meeting and other assessment by using board cyber risk frame
work.
Principle 7-
Resilience plan, This board management duty is to ensure the officer accountability for cyber
resilience by the implementation of the creation, testing and ongoing improvement of the
resilience plan (Choo, 2011). It the responsibilities of the officer to monitor and report the
performance to the board.
Principles 8-
Community, The management is being encouraged by the board in order to collaborate with
other stakeholders, in order for the ensuring the systemic cyber resilience.
Principle 9-
Review, it is the duty of the board to ensuring that formal and independent cyber resilience of an
organisation will be carried out on annual basis.
Principle 10-
Effectiveness, the board performs regular reviews activities on certain intervals based on
quarterly and half-yearly basis to come to know about their performance and the effectiveness of
their principles and their effective implementation in order to seek and ensure the improvement
in cyber systematic resilience.
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The tools which are developed by the Forum are meant in helping the board action, some
principles and tools which are majorly divided in 3 categories and one interrelated principle
which are as follows: -
Board principle for Cyber Resilience- With the help of supervisory board, the high awareness is
being developed relating to the cyber risk in present years (Marion, 2010). Deficiency of
common principle sets on how to act and pushing of cyber resilience in an organisation. This
framework of the board have 10 principles to enable actions of the board and aiding them in
board recognisable of their vital role.
Cyber Principle toolkit: - This 10 Board principles helps in fostering and development of Board
principles for Cyber resilience and constructive dialogues between senior management and board
of the cyber resilience.
Board cyber risk Framework- According to the sixth board principle suggest a review on the
organisations' cyber risks on regular basis and ensuring the integrated review of business's other
risks. This cyber board framework contributes overall security in the cyber risk by providing the
information which is required to prioritize the management of the risk and other actions within
the programme (Farwell and Rohozinski, 2011).
Board insights on Emerging Technology risks- This document basically insights applicable and
document lays outs guild-lines which will deal with business model shifts due to innovation
which is relating to the inevitable change in the risk and technology. This insight guidelines
facilitate discussion between executive team and board level stakeholders, and also assist the
board strategics developer for the evaluation of new technologies.
Board cyber risk framework and the use of tools in order to deal with the risk of cyber
crime-
The tools which are offered by the worlds' economy forum are majorly aiming at the
strategies and the governance instead of governing on standards and management. In this frame
the board have a vital governance function and helps in determining the overall behaviour and
setting of the various risks appetite. It also means to the board actions which means effective
exercising and the oversight by asking right question to the manager for ensuring that either the
strategics objective of the boards are met or not. By offering these principles and tools the forum
hopes to facilitate different helpful dialogues between the board and the management to which
they entrust and on the operation of the company to which they build on their obligations.
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Integration in their cyber security
From the last few years it is very commonly seen in the increase in the sophistication and
volume of the cyber threats in many of the organisation is increasing very widely, and regarding
to this monitoring and responding is very firmly increasing in many of the companies. This
advancement in the technology is also increasing the risk to the increase in the cyber crime
activities. For this integration in cyber security by the Cited company would be helpful in proper
management and securing the company to being easily damage and misused by the cyber
criminals and other hackers (Jaishankar ed., 2011). This integration in the cyber security services
will also promote the company to explore furthermore and work in more progressive direction in
a market of Australian Stoke exchange, as a corporate governance consultant it is the
responsibility of the consultant to imply the above mentioned principles and tools in order for the
succession of the company and their development in progressive direction. In this company can
apply these cyber securities solution such as-
Cloud based Cybersecurity solutions: - The introduction and integration of this Cloud-based
cyber security it provides more affordability to the company. Using these house cybersecurity
professional it will be very much expensive especially for small and mid-sized companies. But
by the use of Cloud Based cyber security can act more affordable for the company, currently
every size business is moving toward in the direction to imply this cloud-based security
technique which is providing more complexities in the technological world. Despite of this
affordable price, even the financial sectors are hesitating in to adopt this cloud based cyber
security solution because of the belief that inbuilt risk's comes with this solution but in truth, this
Cloud-based cybersecurity is very much safer than ever before for Stoke exchange company
along with it is making the best affordability as a bonus to the company (Choo and Grabosky,
2013).
Along with all these Cloud-based cyber securities solutions are also helpful in integrated
analysis of Big data. By the use of high powered cloud based servers, from the data of desperate
system security event can be integrated in order to the creation of new meaningful and actionable
insight, this also saves the company from expensing on hardware along with all this it also
provides ultimate power of computing the process big data from various applications and system.
Cloud-based security provides effective and deep analysis on the data, which promotes
more increment in the security, It also provides the authority to the manager to use the cloud and
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have access to different comprehensive and allows him to understand the report by going on their
network. It will also provide better understanding to the threat levels from the real time to
manager of the company. Using cloud for data storage and processing will allow the fast,
powerful and affordable way to carry out exchanging of Stokes activities.
Cloud-based is very effective tool in the management, this tool not only help to analysis
the present threats but also provides several appropriate methods to the management of these
threats (Gray, Citron and Rinehart, 2013). This tool automatically controls and filter option helps
the manager to pin-point the detected threats, with this tool effective actions can also be taken for
minimising and eliminating risk. By integrating this tool it also regulates and policy compliances
are also monitored and being resolved by with automatic updated controls.
CONCLUSION
From this project report it can be conclude that by using productive tools and strategies
this Australian Stock exchange company and easily manage the productivity of their company
and be able to work in progressive direction, in this the company can use the Cloud based cyber
security solution which can be very effective and affordable for the company. Using this tool can
help to company to manage their strategies in progressive direction. In relation to this several
principles are also discussed in the above project report with several tools which can prevent the
organisation from cyber crimes. Along with this the information is also provided about to ensure
the board strategies objectives are met in the report with forum hopes to facilitate useful
dialogues between the boards. The project report is also focusing to on the critical analyses on
the company's best integrates cyber securities and their resilience protocols.
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REFERENCES
Books and Journals
Vance, A., 2014, October. Flow based analysis of Advanced Persistent Threats detecting
targeted attacks in cloud computing. In Problems of Infocommunications Science and
Technology, 2014 First International Scientific-Practical Conference. (pp. 173-176).
IEEE.
Hay, B., Nance, K. and Bishop, M., 2011, January. Storm clouds rising: security challenges for
IaaS cloud computing. In System Sciences (HICSS), 2011 44th Hawaii International
Conference on. (pp. 1-7). IEEE.
Simmons, M. and Chi, H., 2012, October. Designing and implementing cloud-based digital
forensics hands-on labs. In Proceedings of the 2012 Information Security Curriculum
Development Conference. (pp. 69-74). ACM.
Halder, D., Jaishankar, K. and Jaishankar, K., 2012. Cyber crime and the victimization of
women: laws, rights and regulations. Information Science Reference.
Florêncio, D. and Herley, C., 2013. Sex, lies and cyber-crime surveys. In Economics of
information security and privacy III. (pp. 35-53). Springer, New York, NY.
Choo, K.K.R., 2011. The cyber threat landscape: Challenges and future research
directions. Computers & Security. 30(8). pp.719-731.
Marion, N.E., 2010. The Council of Europe's Cyber Crime Treaty: An exercise in Symbolic
Legislation. International Journal of Cyber Criminology. 4(1/2). p.699.
Farwell, J.P. and Rohozinski, R., 2011. Stuxnet and the future of cyber war. Survival. 53(1).
pp.23-40.
Jaishankar, K. ed., 2011. Cyber criminology: exploring internet crimes and criminal behavior.
CRC Press.
Choo, K.K.R. and Grabosky. P., 2013. Cyber crime.
Gray, D.C., Citron, D.K. and Rinehart, L.C., 2013. Fighting Cyber-Crime After United States v.
Jones.
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