Business Report: Cybersecurity Challenges and Mitigation Plans

This report examines the increasing cybersecurity risks faced by businesses due to the growing reliance on internet-based services. It begins by defining cybersecurity and its importance, highlighting how social media and online banking increase vulnerability. The report identifies specific challenges such as DDoS attacks, IoT vulnerabilities, smartphone malware, hacktivism, and ransomware, detailing their impact on organizations. It then recommends mitigation strategies, including encryption and physical security measures, to protect confidential data and secure transactions. The literature review supports the conceptual understanding of cybersecurity challenges and strategies, addressing the need for organizations to implement robust security measures to safeguard their operations and data. Desklib offers access to similar reports and solved assignments for students.

Ruining head: BUSINESS RESEARCH
BUSINESS RESEARCH

2
BUSINESS RESEARCH
Table of Contents
Introduction................................................................................................................................3
Project objective.....................................................................................................................3
Project scope...........................................................................................................................3
Literature Review.......................................................................................................................4
To analyze the meaning and concept of cybersecurity...........................................................4
To analyze the challenges faced by the organization by cybersecurity..................................5
DDoS..................................................................................................................................6
IoT.......................................................................................................................................6
Smartphone Malware..........................................................................................................7
Hacktivists..........................................................................................................................7
Ransomware........................................................................................................................8
To Recommend strategies for overcoming the challenges of cybersecurity..........................8
Literature gap........................................................................................................................10
Conclusion................................................................................................................................11
References................................................................................................................................12

3
BUSINESS RESEARCH
Introduction
The popularity of Internet-based services has been increased over last decades; individuals
use online product and services to complete their many tasks related to the finance,
entertainment, and shopping. The application of social media is increased due to the higher
demand of internet users. The social media supports to share their information with family
and friends (Yang and Wen, 2017). The internet services are utilized by the private, private
sector and individuals that make them defenseless about cybersecurity risks. The Internet-
based service creates possibilities of cybercrimes. Companies are defenseless to deal with
online issues like hacking, ransomware, and malware (Tisdale, 2015). The organizations have
to discover data security software and hardware to decline possibilities of cyber threats. The
report discusses the challenges of cybersecurity faced by business as it would make
defenseless to the organization for dealing with cyber risk. Moreover, this report also
discusses strategies that will improve cybersecurity threats.
Project objective
The main of this research is to address the strategies for mitigating the challenges of
cybersecurity from the organization. The following objectives are accomplished to complete
specified aim of research:
 To analysis the meaning and concept of cybersecurity
 To analyze the challenges of cybersecurity faced by the organization
 To recommend strategies for overcoming the challenges of cybersecurity
Project scope
This report will support to examine the impact of cybersecurity challenges on the
organizational performance. It aids in the organization to understand the situation that is
occurred in lack of cybersecurity. This report will support to evaluate many cybersecurity
risks faced by the organization in the recent business scenario. It will also support the

4
BUSINESS RESEARCH
researcher to gain the understanding about many strategies that will overcome the challenges
of cybersecurity threat.
Literature Review
Introduction
The literature review section supports to gain a conceptual understanding of current research
concern. For this, many methods will be considered by the researcher to collect data towards
the current research concern (Campos, et al., 2016). In the current scenario, internet services
are used by many organizations to obtain their specified objectives and aim. The application
of internet services becomes popular among entrepreneurs, small organizations, and
individuals. It is analyzed that enhancement in the online services could create the chance of
cybersecurity threat in the organization as it would negatively influence the performance of
business (Stimmel, 2016). This literature review aid the researcher to gain their conceptual
understanding about the cybersecurity challenges and strategies that will overcome
possibilities of cybersecurity threat from the organization.
To analyze the meaning and concept of cybersecurity
In the view of Gomes et al. (2017) individuals use online methods to make a connection with
families and friends as it offers business opportunity to the small firms and entrepreneurs for
expanding their business. Both company and individual share their confidential or personal
information on the internet that creates higher possibilities of cybersecurity threat. A large
number of cybercrimes are performed by individuals who have use internet and personal
computer due to the lack of cybersecurity as it would also stuck individuals in the
cybercrime.
Johnson (2015) argued that people conduct cybercrimes by collecting personal information of
individuals and companies to obtain an unfair benefit. It would decline the financial
performance of the organization. There are many reasons that could create the possibilities of

5
BUSINESS RESEARCH
cybersecurity threat. It is also stated that social media make defencelessness to the people
towards cybercrimes. In addition, it is also stated that the application of social media has
increased substantially between firms and individuals. It is also addressed that there are more
than 2.9 billion people who used the social media. Apart from this, organizations also use the
social media sites as it would be imperative to conduct many business activities like data
collection, market research, feedback, and advertising. It offers a large number of business
opportunities to the organization as it would support to enhance their operations.
He et al. (2016) argued that the social media model is used by a large number of
organizations as it would enable them to imply their marketing strategy in the social media
and obtain higher success. Many organizations imply the social media and make their unique
image in the marketplace like Starbucks, Old spice, and Oreo. The popularity of social sites
could create a higher chance of cybersecurity risk. Hackers target social media account of
individuals and small firm to obtain their confidential information. There are certain
organizations like HBO, PlayStation, and Yahoo suffered from the cyber crimes that caused
in the loss of valued information.
To analyze the challenges faced by the organization by cybersecurity
In support of this, Fonseca and Rosen, (2017) explained that banking company is started to
use the mobile banking services due to enhancing their services and attract a large number of
consumers. There are many sources that are implied by the organization to transact their
money from one place to other like mobile wallet and PayPal. It would enable the consumers
and organization for an online transaction that could also enhance the cyber threat.
In oppose to this, Kaplan et al. (2015) illustrated that online banking facilitated individual to
share their financial information on the portal of the bank. In the current scenario, most of the
banks are failed to secure confidential data of consumers as it would enhance the possibilities
of data leakage. In this, hackers take benefits from those organizations that have not reliable

6
BUSINESS RESEARCH
techniques to secure their financial data. Hackers collect the confidential data of consumers
and firms and conduct unfair behavior. There are certain cyber issues that are faced by the
organization such as DDoS, IoT , Smartphone Malware, Hacktivists, and Ransomware.
DDoS
As per the view of Joglekar and Pise (2016) the distributed denial of services (DDoS) attack
on the online users and influence their many activities. Generally, online hackers attack on
the one computer of financial institute or organization afterward they enhance access to other
computers as it could be linked with the same server. It is also stated that servers are unable
to control on the higher range of traffic as it would provide an opportunity to the hackers for
hacking the confidential information of firm. Hackers take benefits of this circumstance and
attract on the server at the time of server are most vulnerable. In addition, it is also found that
hacker use emails, pop up advertisements to enhance the online traffic of servers. From the
application of DDoS, hackers attract on many business activities like Rio Olympics, DYN,
and BBC, and the Donald Trump of the campaign.
IoT
In oppose of this, Shoemaker and Kohnke (2016) explained that the internet popularity is
increased hence organizations are developing new devices as link each user to the internet. It
is also found that more than 1.8 billion of consumers use the internet as it would enable the
consumers to share their information. The internet of things (IoT) technique is used by most
of the individuals. It is also found that developed country used IoT is enhanced in developed
countries.
In support of this, McGettrick (2014) examined that IoT devise is liked with a single server
and breach by one tool hence it can be said that this technique could create a higher chance of
cybersecurity threat. The organization uses specific backdoors for each IoT technique but at
the same time, hackers use them to enhance the contact to such tool. These techniques

7
BUSINESS RESEARCH
support the hackers to obtain the personal information of users hence it creates the higher
possibilities of cybersecurity crime. The internet of things device linked wearable tools to the
other techniques. It will negatively impact on the organizational performance.
Smartphone Malware
Manworren et al. (2016) depicted that smartphone malware techniques could also enable the
hackers to use confidential data of individuals. More than 44% of the population uses a
smartphone to share their information on the web and attain their specified task. The higher
use of smartphones provides a chance to the hacker to use personal data of consumers. It is
also found that the cybercriminals gather the personal data of online users and they blackmail
them for getting benefits.
On the other hand, Falk et al. (2016) stated that enhancement in the use of mobile banking
gives an idea to criminals for targeting smartphone users as it would create the possibility of
cybersecurity threat to the mat phone users. Hackers concentrate on mobile phones of
company executive and leader and obtain their personal information to blackmail them for
leaking their confidential information. It is also stated that ‘Plankton’ Malware could collect
information of smartphone user’s data by the mobile application. ‘DroneKungFu’ is also
mobile malware as it enables the hackers to collect data from smartphone users by back door.
It will leak the personal data of users in the least time.
Hacktivists
In the view of Mylrea (2017) Hacktivism could also create possibilities of cybersecurity
threat. The cybercrimes are conducted by hackers to enhance unfair behavior in the
marketplace. The hacker could get the money from victims and increase the cyber-attracts. In
the current scenario, many people and organization use strategies to secure their confidential
data. The strategies could also support the organization to mitigate the possibilities of
cybersecurity threat from the business process at it would enhance to obtain higher success.

8
BUSINESS RESEARCH
Futter (2016) argued that Hacktivism is hazardous for the organization because the primary it
enables hackers to destroy the image of the organization in the marketplace afterward they
make financially disable to the organization. Hacktivists attack over the multinational
organization and government’s data to obtain their confidential data that can be harmful to
the national safety. For illustration, Sony Corporation is noticeable organization due to attack
by anonymous hacking on their PlayStation lawsuit. It is also stated that Anonymous attacked
BOA (Bank of America) to disclose the illegal acts performed by the organization.
Ransomware
In support of this, Vogel (2016) explained that Ransomware is software or malware that
attract over the personal computers of organizations and individuals and make them
defenseless to use their private data. After the enactment of the quantity of hacking, hackers
enhance the ransom for offering the actual information of the organization. The Ransom
could be a form of money and another valuable asset. It is also addressed that there is no
assurance that hacker will not contact back after receiving their ransom. There is a certain
illustration of Ransomware like WannaCry, Crypto Locker, and Locky. There are certain
corporation that are influenced by Ransomware like FedEx and Nissan Motor Company.
To Recommend strategies for overcoming the challenges of cybersecurity
The strategies could support the organization to overcome their challenges and obtain a
reliable outcome. There are few strategies that are used by the company into their business
press with respect to eliminating the possibilities of cybersecurity threat from the
organization. These startegies are such as encryption and physically securing.
In opposition to this, Mohammed, et al. (2015) explained that organization could imply
encryption to protect their confidential data from the cybercrime and secure the transaction
between two different gadgets. It is also stated that when individuals and organizations use
IoT technique in the home then it enhances the possibilities of cyber attract at the time of

9
BUSINESS RESEARCH
transferring data from one place two other. Hence, organization and individuals should use
the encrypting techniques as it would create more layers and secure the confidential data but
at the same time, it can also be said that organizations do not prefer this technique because of
their time-consuming characteristics.
In support of this, Tyagi, (2016) illustrated that Physically securing the servers and computers
could also beneficial for mitigating the possibilities of cybercrime. The organization should
imply many methods like a security camera, biometric locks, and other security technique in
the personal computer or computer labs as it would protect the organization from inside
threats. The organization should also proper check the employee due to mitigating their
confidential information from another party. It is also found that organization should never
hesitate about the investment of cybersecurity data as it would enable the organization to
secure their private information and make a unique image in the marketplace. It would also
support to enhance their financial position in the market as it could help to obtain a higher
competitive benefit.
Futter, (2016) depicted that organization should keep budget for cybersecurity as it would
support to install effective cybersecurity techniques to examine the safety of online data. The
organization should also use antivirus, security software and, firewalls as it would decline the
potential threat of cybersecurity. The organization should use a different password to secure
the private data of individuals and companies. It is also found that most of the companies
have used an easy password that creates the possibilities of cybersecurity in the working
place. Especially at the time of using banking products and services, organizations and
individuals should use strong passwords. The organization could make significant
organizational culture as it would offer the security to protect their sensitive information and
make a unique image in the market among market players. It is also addressed that
organization might be offered the guideline to their employees for protecting them against the

10
BUSINESS RESEARCH
risk of cybersecurity. The organization should use training and development method by
which they would aware to the employees towards the cybersecurity risk and obtain reliable
outcome (Shoemaker, and Kohnke, 2016).
Literature gap
The literature review will aid the researcher to collect the feasible data in the context of the
impact of cybersecurity challenges on the business. This literature review will help to
critically analyze current research matter. The literature review part concentrates of how
cybersecurity threats directly impact on the performance of the business.

11
BUSINESS RESEARCH
Conclusion
From the above discussion, it can be summarized that enhancement in the internet-based
services could create the higher possibilities of cybercrime. The application of social media
sites, mobile wallet, and online banking could create the higher chance of cyber crime due to
lack of cybersecurity. It can also be summarized that organizations face many challenges at
the time of using the online technique such as Hactivism, IoT, DDoS, Smartphone malware,
and other threats. It is also addressed that Bank of America, DYN, Sony, FedEx, and BBC,
are influenced by the cyber attract that impact on their image and market growth. Hence, it
can be said that organization should critically analyze the cyber risk and make an effective
decision regarding it. The organization should enhance in the budget of cybersecurity as it
would facilitate to secure their information for the long term. The organization should also
imply encryption technique because it supports the organization and individuals to freely use
their personal computer by enhancing in the layer of security. It will also help to eliminate the
possibilities of cybercrime from the organization and getting the higher competitive benefit.

12
BUSINESS RESEARCH
References
Campos, J., Sharma, P., Jantunen, E., Baglee, D., and Fumagalli, L. (2016) ‘The challenges
of cybersecurity frameworks to protect data required for the development of advanced
maintenance’, Procedia CIRP, 47, pp. 222-227.
Falk, S., Römmele, A., and Silverman, M. (Eds.). (2016) Digital Government: Leveraging
Innovation to Improve Public Sector Performance and Outcomes for Citizens. UK: Springer.
Fonseca, B., and Rosen, J. D. (2017) Cybersecurity in the US: Major Trends and Challenges.
In The New US Security Agenda (pp. 87-106). UK: Palgrave Macmillan, Cham.
Futter, A. (2016) ‘War Games redux? Cyber threats, US–Russian strategic stability, and new
challenges for nuclear security and arms control’, European Security, 25(2), pp. 163-180.
Gomes, J. F., Iivari, M., Ahokangas, P., Isotalo, L., and Niemelä, R. (2017) ‘Cybersecurity
Business Models for IoT-Mobile Device Management Services in Futures Digital
Hospitals’, Journal of ICT Standardization, 5(1), pp.107-128.
He, H., Maple, C., Watson, T., Tiwari, A., Mehnen, J., Jin, Y., and Gabrys, B. (2016, July)
‘The security challenges in the IoT enabled cyber-physical systems and opportunities for
evolutionary computing and other computational intelligence, In Evolutionary Computation
(CEC), 2016 IEEE Congress on(pp. 1015-1021). IEEE.
Joglekar, P., and Pise, N. (2016) ‘Solving Cyber Security Challenges using Big
Data’, International Journal of Computer Applications, 154(4) p. 1-4.
Johnson, T. A. (Ed.). (2015) Cybersecurity: Protecting critical infrastructures from cyber
attack and cyber warfare, UK: CRC Press.
Kaplan, J. M., Bailey, T., O'Halloran, D., Marcus, A., and Rezek, C. (2015) Beyond
Cybersecurity: Protecting Your Digital Business. UK: John Wiley and Sons.
Manworren, N., Letwat, J., and Daily, O. (2016) ‘Why you should care about the Target data
breach’, Business Horizons, 59(3), pp. 257-266.

13
BUSINESS RESEARCH
McGettrick, A., Cassel, L. N., Dark, M., Hawthorne, E. K., and Impagliazzo, J. (2014,
March) ‘Toward curricular guidelines for cybersecurity’, In Proceedings of the 45th ACM
technical symposium on Computer science education (pp. 81-82). UK: ACM.
Mohammed, D., Mariani, R., and Mohammed, S. (2015) ‘Cybersecurity challenges and
compliance issues within the US healthcare sector’, International Journal of Business and
Social Research, 5(2), pp. 55-66.
Mylrea, M. (2017) ‘Smart energy-internet-of-things opportunities require smart treatment of
legal, privacy and cybersecurity challenges’, The Journal of World Energy Law and
Business, 10(2), pp. 147-158.
Shackelford, S. J. (2016) ‘Business and cyber peace: We need you!’, Business
Horizons, 59(5), pp. 539-548.
Shoemaker, D., and Kohnke, A. (2016) ‘Cyber education and the emerging profession of
cybersecurity’, EDPACS, 54(5), pp. 12-16.
Stimmel, C. L. (2016) Big data analytics strategies for the smart grid.UK: Auerbach
Publications.
Tisdale, S. M. (2015) ‘Cybersecurity: Challenges from a Systems, Complexity, Knowledge
Management and Business Intelligence Perspective’, Issues in Information Systems, 16(3), p.
1-4.
Tyagi, A. K. (2016) ‘Cyber-Physical Systems (CPSs) â [euro]" Opportunities and Challenges
for Improving Cyber Security’, International Journal of Computer Applications, 137(14)
pp.1-4.
Vogel, R. (2016) ‘Closing the cybersecurity skills gap’, Salus Journal, 4(2), pp. 32.
Yang, S. C., and Wen, B. (2017) ‘Toward a cybersecurity curriculum model for
undergraduate business schools: A survey of AACSB-accredited institutions in the United
States’, Journal of Education for Business, 92(1), pp. 1-8.

14
BUSINESS RESEARCH