In Unit VII, you selected a topic and created the annotated bibliography. Using that research, for this assignment, you will submit your fourth mini research paper on your chosen t
international law writing question
In Unit VII, you selected a topic and created the annotated bibliography. Using that research, for this assignment, you will submit your fourth mini research paper on your chosen topic area of examining and analyzing the three cyber terrorist threats that exist to one of the 16 sectors of critical infrastructures (CI) outlined by the Department of Homeland Security.
Further, you are required to outline three resiliency-based and reactionary-based planning strategies for each proposed cyber terrorist threat that exists.
For your research, you will want to consider the following questions:
What critical infrastructure sector did you choose? Why?
What are the roles and purpose of your chosen critical infrastructure sector?
What local, state, and federal government agencies have a role in your chosen critical infrastructure sector?
A large majority of the critical infrastructure sector is owned and operated by the private sector. What role does the private sector have in your chosen critical infrastructure sector?
What are the three cyber terrorist threats that exist for your chosen critical infrastructure sector?
Why are vulnerability assessment and risk assessment vital in critical infrastructure planning?
What are three resiliency-based strategies used for your chosen critical infrastructure sector?
What are three reactionary-based strategies used for your chosen critical infrastructure sector?
As a researcher, what future recommendations do you have to further protect your chosen critical infrastructure sector?
Include photographs as examples of your chosen critical infrastructure sector. (Note: Photographs do not count towards the total required page count for this research paper.)
The research paper must be written using the following outline structure:
Title page: This must be included.
Introduction: This section should be at least one page in length.
Body of paper: This section should be one?two pages in length. This should include a review and discussion of the literature.
Summary and conclusions: This section should be at least one page in length.
References: Adhere to APA Style when creating citations and references for this assignment.
While the level of detail in each section of the research paper will vary, the final paper must be a minimum of three pages in length, not counting the title and references pages. An abstract is not required. You must use a minimum of five sources.
Requirements: 5
Part 1
Critical Infrastructure, Role, and Purpose of the chosen Critical Infrastructure
The critical infrastructure sector chosen in this case is Banking and Finance. Banks in the contemporary world today have embraced technology to facilitate their services. The banking and finance industry has embraced mobile banking and e-commerce to enable easy transactions. People today can easily transact money using their phones without going to the counter hence the reason for choosing the above-mentioned critical infrastructure. Besides, the chosen critical infrastructure’s role is to enable daily transactions.
The Local, State, And Federal Government Agencies That Have A Role in the Chosen Critical Infrastructure Sector
Notably, no local state agencies have a role in banking and finance. However, there are federal and state agencies with roles in the banking and finance sector. Federal agencies entail the Federal Reserve System, which is responsible for supervising banks and implementing monetary policy; the Federal Deposit Insurance Corporation (FDIC), which insures deposits at banks and savings associations; and the Consumer Financial Protection Bureau (CFPB), which protects consumers from deceptive, unfair, or abusive practices in the financial sector (Lessambo & Lessambo, 2020). The state agency incorporates the State-chartered banks and savings associations that categorically regulate the banking departments.
Private Sector Roles and The Three Cyber Terrorist Threats That Exist In The Critical Infrastructure
Notably, the private sector plays an essential role in banking and finance. This is because this industry comprises insurance companies, banks, investment firms, and other financial institutions owned privately rather than by the government. These private organizations have various roles, primarily providing financial services such as depositing, insurance, lending, and investment management to individuals and businesses. Private organizations also play an essential role in the economy by facilitating transactions, providing access to capital, and helping banks to manage financial risk. As stated in the context above, the banking and finance, industry has adopted technology to facilitate transactions. This makes most banks, investment firms, and insurance companies have data and information for their clients. Therefore, the three-cyber terrorist threats in the banking and finance industry include Distributed Denial of Service (DDoS) attacks, Ransomware attacks, and Advanced Persistent Threats (APTs).
A Distributed Denial of Service (DDoS) attack entails overwhelming a system or network with traffic. This makes the network or the system unavailable to users or clients. This cyber threat can disrupt operations in banks, insurance companies, and investment firms by causing significant economic damage (Srinivas et al., 2019). Ransomware attacks entail the encryption of a victim’s data and the demand for payment in exchange for the decryption key. This is dangerous for banks and other financial organizations because it facilitates data breaches and can potentially affect a customer’s personal information. In addition, Advanced Persistent Threats (APTs) is a cyber-threat. It is a long-term targeted attack that compromises a specific organization, such as an investment firm or an insurance company. Highly skilled hackers often conduct such an attack. It is always difficult to detect and mitigate such an attack. Therefore, APTs can result in the theft of sensitive information in banks and investment firms. This ultimately disrupts essential services.
Vulnerability Assessment and Risk Assessment in Critical Infrastructure Planning
Arguably, vulnerability and risk assessments are vital in critical infrastructure planning because they identify probable security threats and weaknesses in a critical infrastructure system (Kure & Islam, 2019). This helps multiple organizations, such as banks, to proactively detect, respond, and prevent cyber-attacks and various security incidents. This reduces the risk of financial losses, data breaches, and damage to reputation. Besides, the abovementioned assessments also aid organizations in ensuring regulatory compliance, such as with data protection laws.
The Three Resiliency-Based Strategies Used In the Critical Infrastructure
On the other hand, the three resiliency-based strategies used in the banking and finance sector entail Disaster Recovery Planning (DRP), Business Continuity Planning (BCP), and Risk Management (Erfourth, 2020). Disaster Recovery Planning (DRP) focuses on restoring processes and systems when a disaster occurs, such as cyber threats on a bank’s website or system. Business Continuity Planning (BCP) is also a strategy that entails developing a plan for how a bank will operate continuously upon an attack or disruption in operations. Risk management incorporates assessing and identifying possible risks in an organization while implementing to manage such risks.
The Three Reactionary-Based Strategies Used In the Critical Infrastructure
The three reactionary-based strategies in the banking and finance sector entail cost-cutting, innovation, and risk management. Cost cutting is a strategy that incorporates a reduction in expenses and an increase in efficiency to enable profitability. This is achieved through automating specific tasks, streamlining processes, and reducing headcount. Innovation is also a strategy that entails developing and investing in new technologies to have a competitive advantage over other companies. This primarily involves offering mobile banking services, developing digital platforms, and incorporating machine learning and artificial intelligence in financial services and products. Risk management is also a strategy that entails mitigating and identifying potential risks that can affect financial institutions. This can be achieved by implementing new technologies that monitor potential risks.
Future Recommendations
Notably, the future recommendations to further protect the banking and finance industry involve adopting more robust cybersecurity measures, improving customer education, regulating emerging technologies, and investing in fraud detection and prevention technologies (Akartuna et al., 2022). The recommendations above can easily prevent future fraudulent activities and data breaches, curb cyber threats, and enhance data privacy in banks and financial institutions.
Part 2: Annotated Bibliography
Akartuna, E. A., Johnson, S. D., &Thornton, A. (2022). Preventing the Money Laundering and Terrorist Financing Risks of Emerging Technologies: An International Policy Delphi Study. Technological Forecasting and Social Change, p. 179, 121632.
According to Akartuna et al. (2022), technological advances and financial innovations are growing at an alarming rate. On the other hand, criminals exploit such technologies to manipulate the market and financial institutions. According to the article, this has enabled money laundering that finances terrorism activities. Digital currency has been highly affected by these acts of money laundering and market manipulation. The authors have come up with this article to prevent money laundering due to emerging technologies. Aspects such as adopting new technologies, regulating emerging technologies, and enhancing fraud detection have come into perspective in this context. Besides, the article also states that the rise of new technologies such as virtual assets, digital currencies, and mobile payments has made it simpler for criminals to launder money. Thus, tackling the risks mentioned above, according to the article, require the implementation of guidelines and regulations that emphasize monitoring transactions, proper identification of customers, and reporting of suspicious activities. The article further depicts the importance of international organizations when it comes to preventing money laundering in banks.
Erfourth, D. K. (2020). Information Technology Disaster Recovery Planning By Florida Nonprofit Organizations (Doctoral Dissertation, Walden University).
In light of (Erfourth, 2020), Disaster Recovery Planning (DRP) and Business Continuity Planning (BCP) are among the resilience-based strategies used in the banking and finance sector. The author categorically states that organizations such as banks and financial institutions are prone to disasters such as cyber-attacks. Therefore, developing a Disaster Recovery Planning (DRP) is essential in managing such situations. The author also states that Disaster Recovery Planning (DRP) focuses on restoring processes and systems when a disaster occurs, while Business Continuity Planning (BCP) entails developing a plan for how an organization will operate continuously upon an attack or disruption in operations. The article also focuses on the importance of IT disaster recovery planning. The author depicts the need for non-profit organizations to have a well-structured IT disaster recovery plan in place to ensure continuity in business in the event of a crisis such as hardware failure or a cyber-attack. The author further elaborates on the various aspects of IT disaster recovery, including data backup and recovery, communication plans, and network infrastructure.
Kure, H. I., &Islam, S. (2019). Assets Focus Risk Management Framework for Critical Infrastructure Cybersecurity Risk Management. IET Cyber?Physical Systems: Theory &Applications, 4(4), 332-340.
The authors in this article discuss critical infrastructures as the pillars of a nation’s stability. These critical infrastructures require proper operations, including risk assessment and vulnerability assessment, to identify threats in an organization’s system. The paper further discusses risk management as an essential factor in critical infrastructure protection. Therefore, this study bridges the gap in cyber security by proactively detecting, responding, and preventing cyber-attacks and security incidents in various financial institutions. The authors also discussed the use of smart grid systems that can help our cyber security threats from a broader perspective. The article also elaborates on Assets Focus Risk Management Framework, designed to offer a well-structured technique for critical infrastructure cybersecurity risk management. This framework emphasizes the identification of critical assets in an organization that happens to be vulnerable and valuable components in a given organization. Thus, this article aims to enhance the overall resilience of critical infrastructure and reduce the effects of cybersecurity threats.
Lessambo, F. I., &Lessambo, F. I. (2020). The Regulators. The US Banking System: Laws, Regulations, And Risk Management, 69-91.
This article categorically discusses the U.S. bank’s regular regulators and system. The author, in this case, highlights various U.S. federal financial regulators, including the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). The article also states that the Federal Reserve supervises banks and implements monetary policy. The Federal Deposit Insurance Corporation (FDIC) insures deposits at banks and savings associations. The author also talks about other regulators, such as the SEC. These regulators, in this case, are focused on consumer financial protection. They also protect monetary exploitations from banks and financial institutions. They also prevent fraudulent activities in banks, insurance companies, and investment firms. According to the article, the regulatory bodies also ensure that banks comply with the regulations and laws in the banking system. The author further sheds light on the evolving and complex nature of the banking and finance sector. The author, in this case, states that there is a need to monitor and adapt the banking regulations.
Srinivas, J., Das, A. K., &Kumar, N. (2019). Government Regulations In Cyber Security: Framework, Standards, And Recommendations. Future Generation Computer Systems, 92, 178-188.
The authors, in this case, categorically depict that cybersecurity protects internet-connected systems from cyber-attacks. The article states that most organizations often face DDoS attacks and phishing. In this case, the article’s focus revolves around the importance of multiple standards of cyber defense. Therefore, the article primarily discusses cyber-attacks, security threats, and the measures enacted in cyber security. The authors further discuss the challenges associated with cyber security and the multiple government policies that protect cyber security. In addition, the paper dwells on various recommendations that are essential in cyber defense and cyber security from a broader perspective.
On the other hand, the article discusses the role of government regulations in cyber security and networks. The authors further depict the importance of an inclusive structure for cyber security regulations. This enables an in-depth comprehension of the technical and legal requirements regarding accessing and securing sensitive information. Besides, the authors conclude by emphasizing the need for awareness in organizations regarding regulations and policies related to cyber security.
References
Akartuna, E. A., Johnson, S. D., &Thornton, A. (2022). Preventing The Money Laundering And Terrorist Financing Risks Of Emerging Technologies: An International Policy Delphi Study. Technological Forecasting And Social Change, p. 179, 121632.
Erfourth, D. K. (2020). Information Technology Disaster Recovery Planning By Florida Nonprofit Organizations(Doctoral Dissertation, Walden University).
Kure, H. I., &Islam, S. (2019). Assets Focus Risk Management Framework For Critical Infrastructure Cybersecurity Risk Management. IET Cyber?Physical Systems: Theory &Applications, 4(4), 332-340.
Lessambo, F. I., &Lessambo, F. I. (2020). The Regulators. The US Banking System: Laws, Regulations, And Risk Management, 69-91.
Srinivas, J., Das, A. K., &Kumar, N. (2019). Government Regulations In Cyber Security: Framework, Standards, And Recommendations. Future Generation Computer Systems, 92, 178-188.
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