Cybercrime and Strategic Decision Making - Term Paper Example

Cybercrime and Strategic Decision Making INTRODUCTION The unabated technological advancements in computer systems along with rapid changes in the internet and electronic communication has been playing ever-increasing role in the recent phenomena. However, the continuous growth and advancement in the field of technology has further observed to create major obstacles in the form of cybercrime and hacking (Tabansky117-136). THESIS STATEMENT The primary purpose of the report is to develop a proposal for Information Technology Strategic Planning Committee regarding the use of information technology for building sustainable competitive advantage. Moreover, the discussion would also focus on producing a comprehensive report on cybercrime and hacking in terms of enterprise-wide strategic decision making. THE RATIONALE FOR TOPIC SELECTION IN TERMS OF ITS SIGNIFICANCE TO STRATEGIC MANAGEMENT The development of information technology has been driving the world towards becoming more digitalization. The digitalization of the world has lead towards the emergence of new and potential threat of cybercrime. Different types of cybercrime have been constantly increasing with which the business communities are frequently required to deal. The increasing cyber-crime and hacking are firmly driven by several factors. That may include nation-states and political goals (Secretary of State for the Home Department, “Cyber Crime Strategy”). Simultaneously, the frequency of cyber-attacks such as hacking has soared to manifold in the recent years and has been practiced routinely. The major global corporations in the recent time have been experiencing an increased level of hacking events. Organizations currently are exposed to risk of losing their trade secret, intellectual property and other sensitive information due the unscrupulous intentions of hackers. It has been believed that intensity of such attack will further surge in the later years. It has thus become essential for global corporations to integrate IT system with the overall business strategies. Nevertheless, such alignment has become quite difficult for the current organization in the light of many challenges and hurdles faced by them (ITU, “Understanding Cybercrime: Phenomena, Challenges and Legal Response”). CYBER CRIME AND HACKING Cybercrime is often regarded as a set of practices associated with computer crime, which involves breaching security policies and accessing confidential information through an unauthorized access. It is a particular instrument to conduct illegal activities such as fraud, unauthorized access, intentional system malfunctioning or damage of other’s electronic assets (Tabansky 117-136). The economic consequences of cybercrime and hacking are conceived to substantial particularly for the businesses engaged in e-commerce. The immediate impact cybercrime and hacking on the organization is associated with the damage to IT system. The organization falling victim of these cyber-attacks is likely to experience disruption of business functioning as well as delays in transaction and cash flow Notably, it is quite an evident aspect that with the emergence and the development of new technologies, people develop new ways of executing their illegal activities. Cybercrime mostly include unauthorized access to information of individual, government or any. In the context of the aforesaid explanation, it is evident that process of cybercrime is one of the major threats faced by the enterprises in the contemporary business environment. In order to prevent the increasing pace of cybercrime, building strong set of strategic measures and executing their effective practices are identified as a matter of growing interest amid the global corporations business (Wall 109-156). It can be observed that global corporations are currently exposed with risk related to loss of sensitive customer information from the organization. Such threat is likely to influence the organization reputation. Likewise, it is believed that impact arising from loss of customers’ information will result in decreasing customers’ confidence, loyalty and ultimately reducing customer base for the organization. Nonetheless, threat pertaining to cybercrime is relatively high for that organization dealing with e-commerce than other forms of organizations. Intellectual property theft in terms of copyright infringement, trademark infringement and trade-secret theft has significantly augmented with the increased usage of internet followed by rising misuse of the same. Many rival organizations are observed to be engaged in sponsoring cyber criminals to steal ideas, designs, product specifications, and process information or methodologies in order to erode competition. Such threat pertaining to cybercrime is projected to influence the organization dramatically both in financial as well as reputational terms. In relation to the authentication acceptable in the investigative process of ID Theft, the investigation of the application software is being used by the organization to identify potential evidence. In this process, the application software relating to accounting packages by the investigation team has allowed them to detect evidence of fraud (International Competing Network, “ANTI-Cartel Enforcement Manual”). Critical examination of the general logs is also executed by the organization to critically examine and find potential evidence of issues associated with ID Theft. In this context, the examination of access logs, web traffic, intranet network logs and database or commercial transaction logs has helped the corporations to identify relevant evidence regarding any types of ID Theft related issues (Rowlingson 1-28). Hence, it can be affirmed that capacity planning is among the latest approaches of internal authorities to deal with cybercrime. It is one of the most important and widely considered approaches by the government owing to the numerous benefits associated with it. Therefore, the concept of capacity planning is one of the first choices of the international authorities to deal with cybercrime. Capacity planning strictly ascertains that the laws relevant to computer networking and other activities on computer could be properly governed, so that cybercrime could be eradicated to a maximum extent. Furthermore, it has been recognized that procedural laws with the assistance of capacity planning ensure efficient investigation of cybercrime incidents through the use of electronic data and evidences for criminal proceedings. This approach further include preservation of the data, seizure of the computer on which the crime is conducted along with real time collection of the internet data among others. All these aspects are ascertained to affect the process of dealing with cybercrime in a positive manner (International Competing Network, “ANTI-Cartel Enforcement Manual”). In order to determine the key aspects of various types of information security related issues, the process of maintaining adequate privacy of data by executing strong application in the user log-in processes is considered be an effective measure for the organization to protect information. Moreover, the deployment of anti-theft application programs in terms of accessing valuable technological data of the organization is also ascertained to be a major step to conserve confidentiality of the valuable information from online unauthorized users. The deployment of strong software tools; maintaining adequate privacy of the user account name and password is recognized to be an effective strategy for the organization to avoid a number of potential risks from the cybercrime (Angelopoulou, 1-12). In relation to the recent advancements in technology, it is important to ensure widespread efficiencies in order to bring down the increasing rate of cybercrime globally. In this context, the establishment of strong strategic polices is identified to be a major step for the organizations. In order to maintain confidentiality of information from internal and external threats, the strategic policies of the organization is required to be complying with the legal guidelines regarding the issue of cybercrime. The strategic policy involves developing appropriate standards and guiding principles regarding the documentation of the logging records of both internal and external users. The process is ascertained to facilitate organizations track unauthorized users and take effective measures to protect confidential information of the organization. In addition to the compliance with the national legal standards, the organization focus on developing relevant principles regarding the access of confidential information of each user is ascertained to reduce the risk exposure to cybercrime and hacking (International Competing Network, “ANTI-Cartel Enforcement Manual”). Documentation of logging records and focusing on adequate privacy of the user accounts is reckoned to be a major priority to defend cybercrime. Conducting continuous authentication of the logging accounts and monitoring online database in information access system is ascertained to facilitate organizations to build a strong shield against cybercrime (Rowlingson 1-28). It has been observed that in many cases human element is often overlooked. In this regard, organizations are required to develop and implement standard set of code of practice for their employees pertaining to the criteria regarding the use and transmission of information. Correspondingly, the workforce training and development is observed to facilitate organizations to acquaint their employees regarding the latest development in the field of technology that would facilitate their workforces to derive considerable understanding about the potential risk factors. Training and regular education is further anticipated ensure that optimal security tools are used by information staff to protect their network infrastructure (Goodwin and Nicholas 3-23). CONCLUSION With regard to the aforesaid discussion, it is evident that every individual, commercial and government organizations are directly or indirectly linked with the use of IT. The unconstrained access to information has provided organizations with numerous benefits. However, the growing trend of digitalization is accompanied with severe risks as well. Many business and government organizations are seriously impacted with the threats impose by cybercrime and hacking. In his regard, it is essential for any organization to strengthen their information and communication technological infrastructure to remain their competitive position. It is argued that the impact of cybercrime threats is extremely serious for the organizations across the world. It is thus essential to integrate IT system with the overall business strategies. Apart of implementing more advanced technologies to deal with the challenges of cybercrime and hacking, it has been observed that providing training and development programs to employees within organizations also serves as an effective countermeasure to reduce the risk exposure to cybercrime. Works Cited Angelopoulou, Olga. ID Theft: A Computer Forensics Investigation Framework. Edith Cowan University Research Online (2010): 1-12. Print. Goodwin, Cristin Flynn and J. Paul Nicholas. 2013. “Developing a National Strategy for Cybersecurity.” Foundations for Security, Growth, and Innovation, (2013): 3-23. Print. “ANTI-Cartel Enforcement Manual.” International Competing Network, 2010. Web. 9 Aug. 2014. “Understanding Cybercrime: Phenomena, Challenges and Legal Response.” ITU, 2012. Web. 9 Aug. 2014. Rowlingson, Robert. A Ten Step Process for Forensic Readiness. International Journal of Digital Evidence, 2.3 (2004): 1-28. Print. “Cyber Crime Strategy.” Secretary of State for the Home Department, 2010. Web. 9 Aug. 2014. Tabansky, Lior. “Cybercrime: A National Security Issue?” Military and Strategic Affairs, 4.3, 2012: 117-136. Print. Wall, David. Cybercrime: The Transformation of Crime in the Information Age. Malden: Polity Press (2007). Print. Read More