Cybercrime against an organization is more likely than ever
Cybercrime against an organization is more likely than ever andtherefore, can be seen as a strategic threat to the organization. Infact, several experts have stated it is a matter of when rather than if.Even more terrifying, a recent study shows that it takes companies oversix months to even notice a data breach (Foster, n.d.). Furthermore,companies involving banking or financial services incur over “50 attacksper month on average” (Foster, n.d.). Therefore, confirming thelikelihood of an attack against an organization like PBI IslandServices. Cybercrime attacks serve to cause a wide range ofnegative effects not only for the company itself but for the employeesand customers alike. Specifically, cybercrime has directly caused animpact on “jobs, innovation, economic growth and investment” (MerchantRisk Council, 2020). Additionally, cybercrime can cause a loss ofopportunity, personal identifiable information, and sensitive andclassified information for the respective company. For the organizationspecifically, cybercrime can cause business loss during the attack, lossof company assets, damage to reputation, litigation, and protectioncosts associated with staff, firewalls, encryption and software (Tittel& Janson, 2015). One of the most damaging cyber attacks thathave recently taken place is against the Capital One bankingorganization. The attack took place during a four month timeframe lastyear against the organization’s cloud environment. Thousands ofsensitive data and personable identifiable information to includeaccount numbers, addresses, names, telephone numbers was stolen by anemployee of the cloud service provider, Amazon Web Services. According to the press release the was associate crime, the perpetratorwas Paige Thompson, an employee of Amazon Web Services. Essentially, shetook advantage of misconfigurations between the cloud servicesapplication firewall. It was noted that Paige Thompson utilized aserver-side request forgery attack, which essentially forces the serverto execute unauthorized commands as a proxy for requests on behalf ofthe remote user to gain access to private endpoints. The member wasarrested due to sharing her activities openly on the Internet.Therefore, the investigators were able to trace back the actions toThompson. Additionally, it is still in investigation as to determineresponsibility in regards to liability. If Capital one can prove nonegligence, they will not be held responsible. However, weeks followingthe event led to a decline in the organization’s reputation and itsstock market value fell days after the attack was released.Theattack that Paige Thompson used is not as uncommon. In fact, manyorganizations who rely on web cloud services for data storage are atrisk for this particular exploit. It can even be more damaging for anorganization who fully commits to a cloud model. Therefore, it isabsolutely critical for Public Island Services to take actions ordevelop strategies to protect itself from similar crimes. Myrecommendations include ensuring a stronger encryption method,development of a crisis plan, ensure the organization has cybersecurityinsurance, and a review and examination of the attack to developcountermeasures. As cybercrime threats continue to increase forall organizations, it is important to prepare against the latestthreats. If an organization does not take these likely threatsseriously, the organization can face grave consequences that may beunrecoverable if faced. References: Blanco, J. (2019). Analysis of a Cyber Attack: Capital One. Retrieved from https://cipher.com/blog/analysis-cyber-attack-capital-one/Foster, J. (n.d.). 21 Terrifying Cyber Crime Statistics. Data Connectors. Retrieved from https://www.dataconnectors.com/technews/21-terrifying-cyber-crime-statistics/Merchant Risk. Control. (2020). Financial Impacts of Cybercrime. Retrieved from https://merchantriskcouncil.org/news-and-press/mrc-blog/2018/financial-impacts-of-cybercrimeTittell, E., & Janson, C. (2015). 5 Costly Consequences of SMB Cybercrime. Retrieved from https://www.cio.com/article/2908864/5-costly-consequences-of-smb-cybercrime.html
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