Challenges in Cyber Security: Identifying and Mitigating Risks

This report provides a comprehensive literature review on the challenges of cyber security for businesses. It begins by defining cyber security and emphasizing its importance in protecting computer systems, data, and confidential information from various threats, including unauthorized access, data theft, and service disruptions. The report outlines project objectives and scope, focusing on identifying and mitigating cyber security challenges. It then delves into the importance of cyber security in business operations, highlighting how businesses rely on online activities and the need to protect sensitive information and resources from cyber attacks. The review discusses the financial losses, increased recovery expenses, damage to business reputation, and impacts on connected companies resulting from cyber attacks. It also examines the various forms of cyber attacks, including unauthorized access, remote attacks, and third-party system attacks. The report concludes by summarizing key challenges and the dynamic nature of cyber security risks, emphasizing the need for proactive measures to protect against evolving threats. The report underscores the significance of application security and other elements like network security, information security, and business continuity planning in ensuring robust cyber security within businesses. The report also includes a conclusion, references, and an appendix.

Running head: CHALLENGES IN CYBER SECURITY
Challenges in Cyber Security for Business
Name of the Student
Name of the University
Author’s Note:

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1. Introduction
Cyber security or computer security is the specific type of protection to any computer
system from the damage or theft to the software, confidential information or even hardware.
The security could even be from any type of misdirection or disruption of services, which
they are providing. Moreover, there is always a high chance of malpractices in operators,
irrespective of the fact that it is accidental or intentional. This type of malpractice is easily
removed with the removed or mitigated with the help of cyber security. This type of security
is often suspected to be tricked to deviation from the secured procedures with the help of
several methods. Cyber security is extremely important for any organization as it helps to
provide utmost security to all the systems or computers. The main type of protection that this
cyber security provides is from various cyber threats or vulnerabilities. These threats and
vulnerabilities make the computer systems extremely vulnerable for the users and thus many
users utilize this particular type of security within their systems. These vulnerabilities are
mainly responsible for the information or data theft and damage.
The following literature review provides a brief description on the topic of challenges
in cyber security within businesses. The cyber security that has been acquired by the
organization can face various challenges and they should be mitigated as soon as possible.
This literature review provides a proper project objective and project scope with relevant
details. The literature review will be done with few of the latest peer reviewed articles.
2. Project Objective
The objective of this project of Challenges in Cyber Security in Business is given
below:

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i) To identify the several challenges or problems in cyber security that are extremely
harmful for the businesses.
3. Project Scope
The scope of this project of Challenges in Cyber Security in Business is the
identification of various challenges within computer security or cyber security for any
specific business and thus mitigating them eventually.
4. Literature Review
Importance of Cyber Security in Businesses
Cyber security helps to protect the computer based equipments as well as information
from the unauthorized or unintentional access, destruction or alteration. A business has to
deal with various business operations or processes daily in its life cycle. The regular business
activities mainly involve moving online like advertising, searching for new markets, reaching
to the new and existing customers, recruiting employees, communication with the customers,
selling or carrying the various financial transactions. These types of business activities are
explicitly important for any business or organization and thus should be checked regularly
and without any failure. Cyber security plays the most significant role in this perspective. The
organizational confidential information or equipments and resources are required to be stored
and protected properly for ensuring the fact that no attacker or hacker or thief is sneaking into
the system with the purpose of stealing the information and thus disrupting the business.
Various resources could be harmed in the process. Amongst them, the most important
resources of any specific business include equipments of information technology, money,
services that are based on information technology, customer information or information
database. Each and every above mentioned resource is extremely vulnerable to various types

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of risks or threats and thus is risky for cyber attacks. The information that is dangerous could
be on any form, i.e. customer database, client lists, manufacturing processes, information
related to prices, financial details, product designs and many more. There are three forms of
cyber attacks in any business. They are the unauthorized access to any computer system,
laptop, mobile and tablet devices, remote attacks on the systems of information technology or
websites and various attacks on the information that is held in the specific third party systems
like cloud devices.
The impact of a cyber attack within any business is extremely high. The impact could
come in any form. The most significant four forms of the impact of cyber attacks are given
below:
i) Financial Losses: The first and the foremost impact of cyber attack on any business
is the financial loss. Due to the loss of confidential and sensitive information or expensive
hardware or software, the business could suffer through several financial losses, which are
almost impossible to overcome. These financial losses increase if the theft or damage is not
brought into sight within time. As time passes by, this type of damage increases and thus the
financial losses eventually increases.
ii) Increased Expenses of Recovery: The second significant impact of any type of
cyber attack within a business is the incremented expenses of replacement and recovery.
Suppose, if a situation has risen where the victim has lost all his or her confidential data and
important and expensive hardware or software. In this type of situation, he or she will have to
replace the equipments and recover from the previous loss after giving a lump sum amount to
the technical expert. Thus, he is incrementing his expenses or costs on the recovery and
replacement.

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iii) Damage to the Business Reputation: The third significant impact of the cyber
attack within any specific business is the damage to the brand name or reputation. Any
business becomes successful or popular with its brand name or reputation. This reputation
should be kept properly, so that there is no extra damage to the business. If the business is
unsuccessful in keeping its reputation, it is evident to mention that they would be losing their
customers and once they will start losing their customers, the business is sure to be a major
failure. Hence, the business reputation should be maintained by each and every organization
for accomplishing their organizational goals and objectives.
iv) Damage to the Connected Companies: Various organizations are linked with
other companies or supply and fulfil the requirements of the bigger companies. If this
company undergoes a cyber attack, the impact will not be dangerous for the affected
company, but also to all the companies that are linked to that affected company. This is
mainly because the damage will also be in the information or software of the linked
companies.
Cyber security is extremely significant and vital for any business. It is important for
the security or protection from various data theft, scams, viruses, malwares, online
vulnerabilities and many more. Several infected websites or web pages are discovered
regularly in today’s world. Innumerable such cases are registered everyday where a business
encounters such problems within their business. Various records are always involved for data
breaches and the data or information is extremely difficult to recover from these types of data
breaches. They hack into the systems or machines and thus the information is compromised.
Some of the most dangerous hackers are eventually interested in finding out the passwords
and thus getting the access to all the closed networks for manipulating information or
websites. This helps to shut down all the necessary functionalities. The cyber terrorists or

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cyber attackers induce the threats or vulnerabilities within the systems of the users. Cyber
security thus helps the users in mitigating these types of risks or threats within their business.
The businesses have to implement or incorporate cyber security within their systems
and thus finally reducing the chances of cyber attacks or cyber threats.
Challenges in Cyber Security in Businesses
5. Conclusion
Therefore, from the above discussion, it can be concluded that, cyber security is one
of the most important criteria or requirement in any type of computer system and for
protecting any confidential and sensitive information. It can be simply defined as the body of
procedures, practices and technologies that are being designed for the successful protection of
computers, data, programs and networks form any type of attacks, unauthorized accesses,
theft or damage. The cyber security is substantially ensured with the help of various elements
like application security, network security, information security, business continuity
planning, operational security, disaster recovery and education for end user. This cyber
security eventually involves the physical access to hardware and even protection against the
damage, which might come through the access of data, code injection and access of network.
The most problematic element of cyber security is the constantly changing nature of the risks
related to security. This specific field is of enhancing the importance for the incrementing
reliance on the connectivity of Internet as well as computer systems. The wireless
connections like Bluetooth or Wireless Fidelity are also parts of this field. The third part is
the smart devices, which are the smart phones, smart watches, television sets or each and
every part of the IoT or Internet of Things. The application security is responsible for
encompassing various counter measures or measures, which are eventually undertaken in the

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development life cycle. The fundamental use of this application security is for protecting the
application from various threats, which could come in the phases of design, development,
upgrade, deployment and finally maintenance. This type of computer security or cyber
security often encounters various challenges or problems if they are being implemented in a
business. The above literature review has outlined a detailed discussion on the challenges of
cyber security within a business.

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6. Reference List

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7. Appendix