RISK MANAGEMENT IN THE DIGITAL ERA ADDRESSING CYBERSECURITY CHALLENGES IN BUSINESS

In the rapidly evolving digital landscape, businesses face unprecedented cybersecurity challenges that pose significant risks to their operations and data integrity. This study aims to explore effective risk management strategies tailored to the unique demands of the digital era, focusing on mitigating cybersecurity threats in the business sector. Through a comprehensive analysis of current cybersecurity trends, threats, and the efficacy of various risk management frameworks, this research offers insights into developing robust defense mechanisms against cyber threats. The methodology encompasses a mixed approach, combining qualitative and quantitative data from industry case studies, expert interviews, and cybersecurity incident reports. The findings reveal a pressing need for adaptive risk management strategies that are proactive, resilient, and aligned with the evolving nature of cyber threats. The study concludes with actionable recommendations for businesses to enhance their cybersecurity posture, emphasizing the integration of advanced technological solutions, employee training, and a culture of security awareness. This research contributes to the field by providing a nuanced understanding of cybersecurity challenges in the business context and proposing a comprehensive framework for effective risk management in the digital era

Emerging Trends in Cybersecurity for Health Technologies

The paper delves into the intricate relationship between technological advancements in healthcare and the pressing need for robust cybersecurity measures. It explores the escalating vulnerability of sensitive medical data due to the sector's digital transformation and the increased susceptibility to cyber threats. The interconnectedness of healthcare systems, from wearable devices to complex electronic health record systems, exposes healthcare organizations to relentless cyberattacks. Within this context, the article meticulously examines emerging trends and innovative solutions aimed at fortifying cybersecurity infrastructure and safeguarding sensitive medical data. It scrutinizes ten cybersecurity risks prevalent within the healthcare domain, highlighting the multifaceted nature of data security challenges faced by healthcare entities. Furthermore, the paper meticulously dissects ten AI-driven security mechanisms, ranging from behavioral analytics to AI-powered compliance management, showcasing their pivotal role in ensuring data integrity and confidentiality. Collaboration emerges as a pivotal strategy, with the article outlining ten collaborative initiatives that underscore the significance of joint efforts among healthcare institutions, technology providers, and cybersecurity experts. Collectively, these insights illuminate the imperative for proactive and adaptive cybersecurity strategies within the evolving landscape of healthcare technology integration

Moving from a "human-as-problem" to a "human-as-solution" cybersecurity mindset

Cybersecurity has gained prominence, with a number of widely publicised security incidents, hacking attacks and data breaches reaching the news over the last few years. The escalation in the numbers of cyber incidents shows no sign of abating, and it seems appropriate to take a look at the way cybersecurity is conceptualised and to consider whether there is a need for a mindset change.To consider this question, we applied a "problematization" approach to assess current conceptualisations of the cybersecurity problem by government, industry and hackers. Our analysis revealed that individual human actors, in a variety of roles, are generally considered to be "a problem". We also discovered that deployed solutions primarily focus on preventing adverse events by building resistance: i.e. implementing new security layers and policies that control humans and constrain their problematic behaviours. In essence, this treats all humans in the system as if they might well be malicious actors, and the solutions are designed to prevent their ill-advised behaviours. Given the continuing incidences of data breaches and successful hacks, it seems wise to rethink the status quo approach, which we refer to as "Cybersecurity, Currently". In particular, we suggest that there is a need to reconsider the core assumptions and characterisations of the well-intentioned human's role in the cybersecurity socio-technical system. Treating everyone as a problem does not seem to work, given the current cyber security landscape.Benefiting from research in other fields, we propose a new mindset i.e. "Cybersecurity, Differently". This approach rests on recognition of the fact that the problem is actually the high complexity, interconnectedness and emergent qualities of socio-technical systems. The "differently" mindset acknowledges the well-intentioned human's ability to be an important contributor to organisational cybersecurity, as well as their potential to be "part of the solution" rather than "the problem". In essence, this new approach initially treats all humans in the system as if they are well-intentioned. The focus is on enhancing factors that contribute to positive outcomes and resilience. We conclude by proposing a set of key principles and, with the help of a prototypical fictional organisation, consider how this mindset could enhance and improve cybersecurity across the socio-technical system

How does intellectual capital align with cyber security?

Purpose – To position the preservation and protection of intellectual capital as a cyber security concern. We outline the security requirements of intellectual capital to help Boards of Directors and executive management teams to understand their responsibilities and accountabilities in this respect.Design/Methodology/Approach – The research methodology is desk research. In other words, we gathered facts and existing research publications that helped us to define key terms, to formulate arguments to convince BoDs of the need to secure their intellectual capital, and to outline actions to be taken by BoDs to do so.Findings – Intellectual capital, as a valuable business resource, is related to information, knowledge and cyber security. Hence, preservation thereof is also related to cyber security governance, and merits attention from boards of directors.Implications – This paper clarifies boards of directors’ intellectual capital governance responsibilities, which encompass information, knowledge and cyber security governance.Social Implications – If boards of directors know how to embrace their intellectual capital governance responsibilities, this will help to ensure that such intellectual capital is preserved and secured.Practical Implications – We hope that boards of directors will benefit from our clarifications, and especially from the positioning of intellectual capital in cyber space.Originality/Value – This paper extends a previous paper published by Von Solms and Von Solms (2018), which clarified the key terms of information and cyber security, and the governance thereof. The originality and value is the focus on the securing of intellectual capital, a topic that has not yet received a great deal of attention from cyber security researchers

An analysis of cybersecurity culture in an organisation managing Critical Infrastructure

The 4th industrial revolution (4IR) is transforming the way businesses operate, making them more efficient and data-driven while also increasing the threat-landscape brought on by the convergence of technologies and increasingly so for organisations managing critical infrastructure. Environments that traditionally operated entirely independent of networks and the internet are now connecting in ways that are exposing critical infrastructure to a new level of cyber-risks that now need to be managed. Due to the stable nature of technologies and knowledge in traditional industrial environments, there is a misalignment of skills to emerging technology trends. Globally cyber-crime attacks are on the rise with Cisco reporting in 2018 that 31% of all respondents had seen a cyber-attack in their operational environment[1]. With up to 67% of breaches reported in the Willis Towers report due to employee negligence [2], the importance of cybersecurity culture is no longer in question in organisations managing critical infrastructure. Developing an understanding of the drivers for behaviours, attitudes and beliefs related to cybersecurity and aligning these to an organisations risk appetite and tolerance is crucial to managing cyber-risk. There is a very divergent understanding of cyber-risk in the engineering environment. This study endeavours to investigate employee perceptions, attitudes and values associated with cybersecurity and how these potentially affects their behaviour and ultimately the risk to the plant or organisation. Most traditional culture questionnaires focus on information security with observations focussing more on social engineering, email hygiene and physical controls. This cybersecurity culture study was conducted to gain insight into people's beliefs, attitudes and behaviours related to cybersecurity encompassing people, process and technology focussing on the operational technology environment in Eskom1. Both technical (Engineering and IT) and nontechnical (business support staff) staff were questionnaireed. The questionnaire was categorised into four sections dealing with cybersecurity culture as they relate to individuals, processes and technology, leadership and the organisation at large. The results from the analysis, revealed that collaboration, information sharing, reporting of vulnerabilities, high dependence and trust in technology, leadership commitment, vigilance, compliance, unclear processes and lack of understanding around cybersecurity all contribute to the current levels of cybersecurity culture. Insights from this study will generate recommendations that will form part of a cybersecurity culture transformation journey

Cybersecurity by executive order

This report explores the details of the Obama Administration\u27s executive order on cybersecurity, breaking down the challenges, criticisms, and successes of the effort to date, before offering clear lessons from the US experience that can be applied to the Australian context. Summary: On 12 February 2014 the United States National Institute of Standards & Technology (NIST) released the Framework for Improving Critical Infrastructure Cybersecurity, the flagship accomplishment of the Obama Administration’s 2013 cybersecurity Executive Order. Just weeks before the White House announced its executive order, the then Australian Prime Minister Julia Gillard made an equally exciting declaration introducing the Australian Cyber Security Centre (ACSC). One year on, the contrast between the two efforts is stark. The United States and Australia share a common interests in developing a robust partnership between the government and private sector to develop whole-of-system cybersecurity. To move beyond political optics, the ACSC must embrace existing best practices, commit to meaningful public-private partnerships, and set a pragmatic strategy moving forward. The Obama Administration’s efforts, while far from perfect, offer critical lessons that the Australian government can adopt and adapt to ensure that the ACSC is a successful endeavour and critical infrastructure cybersecurity is improved. This Strategic Insight report explores the details of the executive order, breaking down the challenges, criticisms, and successes of the effort to date, before offering clear lessons from the US experience that can be applied to the Australian context