Discuss the security implications From the perspective of your department and management level, discuss the implications of a security breach in the company's infrastructure (all forms - human, technology etc.) 1. Suggest TWO reasons why such breaches could occur and state how they can be avoided. Based on the above requirements above, critique the below discussion: As a student of Management Information System recently employed as a management intern, I was given the responsibility of analyzing reliable data on currency transactions from June 2016 to November 2017, covering more than two thousand digital currencies. MGMT eCash Inc. wants to identify pertinent items, forecast market trends, and determine a plan of action with the help of this investigation. The company, which prioritizes direct communication, wants to become a client-focused online help provider by looking into the problems caused by cybercrimes, security lapses, and volatile markets. This will help it become a leader in the quickly developing digital economy. The need for a proactive strategy to protect the company's electronic resources and maintain consumer confidence is highlighted by the crucial supervisory group's special worry over security breaches and the expected fallout. Implications of a Security Breach: As The manager I must be aware of the possible effects a security breach could have on the organization's infrastructure in my capacity as the Strategic Manager of Business Development (Sales) looking into Direct Trading. Security lapses may seriously harm MGMT eCash Inc.'s standing, credibility, and stability as a whole. Here are some important conclusions: Client Trust Loss: • A security breach may cause clients to lose trust in MGMT eCash Inc. Due to the sensitive financial activities involved in the business model, customers handling digital currencies expect a high degree of security. Customers may decide to do business with someone else and experience a significant loss of trust if their resources or data are compromised. Monetary Misfortune and Lawful Outcomes: • Financial losses may result from resource theft or from the costs of repairing vulnerabilities caused by security breaches. Moreover, legal outcomes may occur if the breach encourages customer information to be disclosed. Administrative authorities may impose fines, and the company may have to deal with claims from customers who were harmed. This has an impact on the organization's finances and overall reputation. Functional Disturbance: Regular business tasks may be interfered with by security breaches. The company may need to temporarily shut down systems for analysis and repair, which could affect its ability to handle transactions. This idle time could result in financial difficulties and damage the company's reputation with customers who depend on the platform for timely and trustworthy services. Reputational harm: MGMT eCash Inc.'s reputation is crucial in the digital currency market. Security lapses can result in unwanted publicity, which can leave a lasting adverse impression on current and prospective customers. Rebuilding a damaged reputation can be a drawn-out and difficult process that could jeopardize the growth of the company and a segment of the market as a whole. Loss of Competitive Advantage: • Security is a crucial distinction in a competitive sector that is evolving swiftly. A lack of the upper hand that MGMT eCash Inc. hopes to establish may result from security breaches. Candidates who make greater safety efforts may benefit from the situation by attracting customers that prioritize health and consistent quality. Causes of Security Vulnerabilities and Their Prevention: 1. Inadequate Information Encryption: • Cause: A common defense for security lapses is the absence of information encryption in both transmission and storage. In the unlikely event that sensitive material is not properly encoded, it is vulnerable to unauthorized access. • Prevention: Implement stringent encryption protocols for all data, whether in transit and stationary. Update encryption calculations frequently to stay ahead of anticipated vulnerabilities. Oversee standard security evaluations to find and fix encryption practice flaws. Phishing Attacks and Social Designing: • Cause: Human factors, such as employees falling victim to phishing attacks or social design, may result in unauthorized access. Workers may be tricked by aggressors into disclosing sensitive information or granting access credentials. • Prevention: Organize regular network security training for reps to raise awareness of the risks associated with phishing. Conduct comprehensive validation to provide an extra degree of security. Establish transparent communication channels to validate any questionable requests for sensitive information.
Discuss the security implications
From the perspective of your department and management level, discuss the implications of a security breach in the company's infrastructure (all forms - human, technology etc.)
1. Suggest TWO reasons why such breaches could occur and state how they can be avoided.
Based on the above requirements above, critique the below discussion:
As a student of Management Information System recently employed as a management intern, I was given the responsibility of analyzing reliable data on currency transactions from June 2016 to November 2017, covering more than two thousand digital currencies.
MGMT eCash Inc. wants to identify pertinent items, forecast market trends, and determine a plan of action with the help of this investigation. The company, which prioritizes direct communication, wants to become a client-focused online help provider by looking into the problems caused by cybercrimes, security lapses, and volatile markets. This will help it become a leader in the quickly developing digital economy. The need for a proactive strategy to protect the company's electronic resources and maintain consumer confidence is highlighted by the crucial supervisory group's special worry over security breaches and the expected fallout.
Implications of a Security Breach:
As The manager I must be aware of the possible effects a security breach could have on the organization's infrastructure in my capacity as the Strategic Manager of Business Development (Sales) looking into Direct Trading. Security lapses may seriously harm MGMT eCash Inc.'s standing, credibility, and stability as a whole. Here are some important conclusions:
Client Trust Loss:
• A security breach may cause clients to lose trust in MGMT eCash Inc. Due to the sensitive financial activities involved in the business model, customers handling digital currencies expect a high degree of security. Customers may decide to do business with someone else and experience a significant loss of trust if their resources or data are compromised.
Monetary Misfortune and Lawful Outcomes:
• Financial losses may result from resource theft or from the costs of repairing vulnerabilities caused by security breaches. Moreover, legal outcomes may occur if the breach encourages customer information to be disclosed. Administrative authorities may impose fines, and the company may have to deal with claims from customers who were harmed. This has an impact on the organization's finances and overall reputation.
Functional Disturbance: Regular business tasks may be interfered with by security breaches. The company may need to temporarily shut down systems for analysis and repair, which could affect its ability to handle transactions. This idle time could result in financial difficulties and damage the company's reputation with customers who depend on the platform for timely and trustworthy services.
Reputational harm: MGMT eCash Inc.'s reputation is crucial in the digital currency market. Security lapses can result in unwanted publicity, which can leave a lasting adverse impression on current and prospective customers. Rebuilding a damaged reputation can be a drawn-out and difficult process that could jeopardize the growth of the company and a segment of the market as a whole.
Loss of Competitive Advantage:
• Security is a crucial distinction in a competitive sector that is evolving swiftly. A lack of the upper hand that MGMT eCash Inc. hopes to establish may result from security breaches. Candidates who make greater safety efforts may benefit from the situation by attracting customers that prioritize health and consistent quality.
Causes of Security Vulnerabilities and Their Prevention:
1. Inadequate Information Encryption:
• Cause: A common defense for security lapses is the absence of information encryption in both transmission and storage. In the unlikely event that sensitive material is not properly encoded, it is vulnerable to unauthorized access.
• Prevention: Implement stringent encryption protocols for all data, whether in transit and stationary. Update encryption calculations frequently to stay ahead of anticipated vulnerabilities. Oversee standard security evaluations to find and fix encryption practice flaws.
Phishing Attacks and Social Designing:
• Cause: Human factors, such as employees falling victim to phishing attacks or social design, may result in unauthorized access. Workers may be tricked by aggressors into disclosing sensitive information or granting access credentials.
• Prevention: Organize regular network security training for reps to raise awareness of the risks associated with phishing. Conduct comprehensive validation to provide an extra degree of security. Establish transparent communication channels to validate any questionable requests for sensitive information.
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