Insecurity has become a huge threat in the current world. It threatens the security and stability of organizations and their assets. Several initiatives have been formulated to curb the rise of the vice, but few success stories have been reported. Indeed, a rise in security companies is indicative of the steps and the seriousness that corporations and individuals have on eliminating this threat. However, physical insecurity is outdated as criminals move to continue their trade on the internet. This follows the increase in the use of the internet and its products. In truth, several economic activities such as banking, shopping and even storage of valuable information is done on the internet. The movement from analogue to digital approaches to the economy has also come with intelligible people using their knowledge to defraud others. The existence of hackers has been known for centuries. In this regard, this paper strives to summarise the statements in an article about cyber insecurity and relate it to work done in class.
Summary of the Article “Viewing Cybersecurity”
Businesses must come to terms with the increasing rate of cyber insecurity as reports of these kinds of crime increase as each day passes. Indeed, the rise in terrorists, hackers, and organized crime gangs implies that businesses homes as well as other organizations have to enhance their security. The most astounding development is the involvement of other nations in these crime syndicates, which implies that there is a lot at stake. In this regard, various cyber security companies as well as gadgets have been developed in a bid to eliminate or just reduce these threats. However, the first thing that needs to be done concerning these threats is vetting, evaluation, and then management of these risks. This is where COSO becomes relevant.
The popularity of the internal control framework, which was updated in 2013, has risen because of its ability to evaluate and manage cyber risks. This is a framework used largely by Committee of Sponsoring Organizations (COSO). COSO has a number of principles that guide this framework. All these principles are geared at identifying and managing cyber risks. Indeed, the process begins with identifying objectives that allows for the identification of the risks that might affect the company. Subsequent steps involve analysing the risks and designing a basis for solving and managing these risks. This happens after setting objectives of the whole business enterprise concerning cyber issues. After these processes have been completed, it is time for the organization to identify the changes that the design might have on the organization. Moreover, the impacts of the organization’s objectives on the internal control framework must also be evaluated. All these processes enable the formulation of a fool proof system of guarding against cyber crime.
Relevance of the article to class work
The article concerns itself with cyber security and the methods developed to enhance the security of businesses against these crimes. COSO dedicates itself with the formulation of processes and frameworks similar to those studied in class. These include the internal control framework. Moreover, cyber security is related to computers and as such, the article has referred to computer related terms such as hackers and software, which are elements studied in class.
Cyber security is a term that is on the lips of many business owners because of the increase in the use of the internet and the rise in crimes related to the internet. This implies that several interventions have to be formulated so that the crime is eliminated. COSO has dedicated itself to this cause and this is perhaps the beginning of the elimination of these crimes.