International Association Of Corporate Directors

Looking at recommendations I would make, it’s important that management first recognize the function of cybersecurity in their overall business structure. They must maintain ongoing interactions

I was personally confronted with this very issue a few hours after attending the recent NACD Research Triangle Chapter session “Why Board and C-Suite Alignment is Critical to Managing Cyber Risk.”

To execute this plan, it sets requirements for Executive Officers, guidelines for tipsters and procedures for all employees. Specifically, section 404 of SOX works towards fraud prevention by enforcing procedures. This section holds company management and their external audits accountable for regulating the internal controls, and ensuring any material weaknesses or deficiencies are disclosed. The requirements for proper disclosure includes reporting any material change that could change the mind of investor. The company should provide reasonable assurance that details accurately and fairly reflect actual transactions in the business, they comply with GAAP and they are finding unauthorized transactions in a timely manner. Keeping in mind, the primary purpose of the implementation and continual regulation of the internal controls is to prevent fraud. Without the presence of effective and reliable internal controls, companies are susceptible to fraudulent activities. The punishment for failing to provide of the required disclosures includes $5 million fine and up to 20 years in prison. In addition to the increase in severity of punishment, businesses have also felt the raising costs associated with section 404

Under the new structure of corporate compliance, it is important to realize that the internal control of compliance programs is now the responsibility of the board, management, and other internal personnel. The responsibility clearly rests in the hands of management. The CEO is no longer able to merely place the blame on the executive staff (Buchbinder, 2012).

The Committee of Sponsoring Organizations (COSO) defines internal control as a process, effected by and entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the reliability or financial reporting, the effectiveness and efficiency of operations, and compliance with applicable laws and regulations. (Louwers, Ramsay, Sinason, Strawser, & Thibodeau, 2015). Internal Control helps entities achieve important objectives and sustain and impose performance. A properly

Section 404 of SOX requires that evaluation of internal controls by management must be established on well-known control framework that was created by knowledgeable professionals who use “due process”. SOX does specifically mention and promote the use of COSO’s Internal Control-Integrated Framework. SOX supports COSO’s framework, its definition of internal control, in general and recommends its use to stay in compliance with SOX and SEC regulations and rules. (PwC, 2005)

The second journal article reviewed was Does SOX 404 Have Teeth? Consequences of the Failure to Report Existing Internal Control Weaknesses. The abstract discusses the different penalties companies could face if they do not follow the proper reporting requirements for Section 404 (SOX 404) of the Sarbanes-Oxley Act of 2002 (SOX). In addition, the abstract discusses that most companies only report their internal control material weaknesses when they have restatements.

Despite the aforementioned efforts to strengthen the internal controls provision, violations persist. In 2008, BHP Billiton failed to implement a thorough internal controls system. The SEC report noted BHP Billiton did not prepare or train its employees to handle riskier situations. However, the SEC acknowledged BHP Billiton implemented a few internal controls (U.S. Securities and Exchange Commission, 2015a). This case reflects an uncertainty over the SEC’s inconsistent interpretation of the internal controls

This paper addresses the human aspects responsible for SCADA System vulnerabilities and provides a holistic solution to ensure a solid defense. Then we will explore Zero day exploits and how they are employed as both military and economic tools. Next the topic of bringing your own device

The second article reviewed was Does SOX 404 Have Teeth? Consequences of the Failure to Report Existing Internal Control Weaknesses. The abstract discusses the penalties associated with Section 404 of the SOX. In addition, the abstract looks at companies that have submitted restatements and views the control weaknesses report within the restatements.

In the previous five years, cybersecurity has turned into the most looked for after calling around the world. More than 90 percent of respondents to an overview directed by the Ponemon Institute (2011) detailed being a casualty to cyberattacks amid the most recent year, costing all things considered more than $2 million for each association. This number keeps on ascending as the two programmers and security devices progress. As indicated by PwC, roughly 33% of all U.S. organizations are as of now utilizing digital protection (Lindros and Tittel, 2016).

By defining key controls based on cyber threats (translated into business risks), an organization can more easily right-size the its control set and adapt it to their needs. Risk assessment processes that are near real-time, gated by the change control process, provide continuous feedback on the sufficiency of controls within an

Cybercriminals have been increasingly engaging in online attacks exploiting organization’s vulnerabilities and deficiencies (Bhattacharya, 2011). Among the organizational factors that are necessary to combat cybercrime and other problems related to information security, leadership is one of the most important (Bhattacharya, 2011; Kwon, et al., 2013). Indeed, not only does effective leadership enable the organization to appropriately defend itself against, and respond to, cybercrime through the appropriate use of information security strategies, an excellent leader also ensures regulatory compliance and the development of an effective monitoring plan to reduce information security risks (Kwon, et al., 2013). At the other end of the spectrum, ineffective leadership leads to passive or reactive measures against cybercrime that, in turn, can place the organization at risk of information security related damage and losses (Gupta and Hammond, 2005).

The frequency and severity of cyber-attacks on maritime targets increases every year. Often the damage is not discovered until years later. The cyber-attack on the port of Antwerp began in 2011 and continued until it was discovered in 2013. The Danish Maritime Authority was attacked in 2012 by a virus contained in a PDF (portable document format by Adobe). The virus spread throughout the Maritime Authority’s network and into Danish government institutions before it was discovered in 2014. Reasons for the ever-increasing security exposure include the growing use and interdependence of computer systems, the relative ease and extreme value of executing attacks, and the exceptional difficulty in identifying the culprits and bringing them to justice. Regrettably, some port authorities contribute to their vulnerability by addressing cyber-security as a technology threat best left to IT professionals. On the contrary, successful and serious cyber-attacks are inevitable and the planned response must be subject to the same governance and scrutiny that any existential threat would receive. One reason that port authorities hesitate to engage cyber-threats at the Board level is a lack of appreciation for just how impossible cyber-security is. A more complete understanding of the factors that complicate cyber-security can assist Directors in stepping up to set priorities and oversee contingency and remediation plans.

I chose the International Association of Administration Professional (IAAP) my organization since it has a variety of opportunities for employment in an administrative career. I plan to start my career as a financial officer in automobile sales. It was impressive to know that there is an organization for professionals in administrative positions. My field of study is, Business Management, and Finance prepares students for a variety of management and financial positions or gives current management a competitive edge over their competitors as well as prepares them When I graduate, IAAP is an appropriate organization for my field of study.