Question

there are a myriad reasons to consider how firms should handle the increased and natural progression of commerce in a global environment. Some say it is a double edged sword, which adds to the need for firms to be very thoughtful when developing plans. Besides the growing demand for natural resources, what is the impact of increased cyber-security risk and how would you address this growing concern?

Answer 1

This assessment will describe the impact of increased cybersecurity risk and how one can address this growing concern:

The increased cybersecurity risk can be deteriorating for a company's reputation—the customers and stakeholder trust company with their sensitive information. If the chances of that security breach have increased, it would be e damaging the company's reputation that the company might fail to protect the data of the customers. It will be a direct loss for the business, and it will devalue the brand. It can also affect the relationships with the investors and third parties vested in the company.

The increased risk of cyber attacks can also become an economic cost for the business. If cyberattacks happen, then it will lead to financial loss for the business because of the theft of money and financial information and corporate information. The business might lose its contract, which can also lead to the business's inability to carry out their transactions online. Because of increased cybersecurity risk, the business has to incur the cost associated with repairing the devices networks and system which might get affected.

One can address these going concerns by distributing the responsibility of maintaining cybersecurity on every employee. Every employee in the organization should get aware of the potential risks, and the whole burden should not be on the IT or security department. The business needs to train its employees to implement their cybersecurity plan at all levels and encourage a security awareness culture to ensure that all the employees know how to access the cybersecurity systems.

One also needs to prioritize their cybersecurity rests based on the probability of occurrence and the level of an impact.