Answer To: Traffic Management Project #2 OPER3160 F XXXXXXXXXXProject - Compare Modes of Transportation...
Asif answered on Oct 12 2021
Running Head: Mitigation plan for threat report
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Mitigation plan for threat report
Mitigation plan for threat report
Table of Contents
Introduction 3
Discussion 3
Risk priorities 3
Analysing the identified case and risks 5
Applying standard mitigations 6
Resolution for improvement and justification 7
Recommending techniques for mitigating the risks 7
Recommendation to the CEO 8
Conclusion 9
Reference List 11
Introduction
The ultimate purpose of this present study paper is to offer proper mitigating planning for one company’s cyber threats. The mitigation planning will be aligned as per the cyber security standard and techniques. Cyber security is all about protecting the internet-connected systems like data, software and hardware from any cyber-attacks. This practice has been implemented through enterprises and individuals for protecting the company's IT platform against all typed unauthorized access to the computerized systems and data centres. Hence, the prime concepts that this present study paper will be covering are identifying the risks and then prioritizing them. In addition to this, the identified risks’ relevance to the considered company then will be analysed. The study then will outline some standard mitigating standards with justified resolution. Some key techniques will thus be proposed to the considered company’s CEO so that proper road map can be outlined for mitigating all the identified risks. The readers of this study hence might expect to attain one in-depth understanding on cyber identity threat and its mitigating techniques.
Discussion
Risk priorities
Risk is the likelihood of losing something of value and based on future uncertainty. In the same way, it can be said that, It is likelihood of negative occurrence, loss and damage. The risks that can be identified from the given case of B&C Insurance Company are as follows:
· Reputational risk: It is also called reputation risk/danger/ threat to the strong image or name of a particular business entity. This has a direct and indirect negative impact on the overall success and growth of the company. These types of risk may occur due to inappropriate actions of a company itself or actions of employees. Moreover, it is also found that, this risk often outcomes from a gap among what the company says and what it is perceived to have done. In the same way, it is not only important but also essential for the organization to maintain its business reputation in the market and industry to grow and expand business in an effective and proper manner.
· Risk of losing Existing clients: it is the risk occurs when a company or organization fails to offer expected products or services to its existing customer in timely manner. This is also have major impact on the success of a company. On the other hand, it should also be noted down that, this types of risk is faced by a company due to a number of specific causes including poor customer services, products or services offered by the company failed to meet expectations, wants and needs of customers, lack of value, Inconsistent business, out-dated sales or marketing strategies. So, a company should pay attention on retaining and attracting its base of existing customers to manage such types of risks in an effective and proper manner.
· Facing legal cases on the context of “breaching of privacy”:
· Risk of misusing business data: These types of risks are generally faced by a company when any third party or hackers hack the private or confidential data of a company and use for their own purpose in order to gain profit. For case, any hacker can hack the business data of a company and sell it to others to earn profit. Hence, it is essential for a company to adopt more advanced technology or cyber security polices in order to mitigate such types of risks successfully.
· Financial damage risk: It is also called economic or financial risk which is the possibility of losing money on an investment or business venture. This may affect the financial strength and position of a company directly or indirectly.
After identifying all the “at-risk” components, the probable risks will now be prioritized here. Hence, at the very first, the risk of misusing the confidential data will be put. It is because 200,000 clients’ personal information has been stolen and hence the clients’ personal safety is at high stake. The company needs to take up its responsibility to safeguard the clients’ well-being and hence this identified risk should be prioritized on the foremost. Then the reputational risk will be placed. Along with this, it should also be noted down that, this hacking is sure to arouse questions on the company’s IT safety context. Thus the company can lose all its viability and trust among its clients (Riedy & Hanus, 2016). It can completely ruin the brand reputation of the considered firm on a long-term basis. Hence, this risk is prioritized in the second spot. Thirdly, the risk of losing all the clients should be prioritized. Along with this, it is also important to know that, the company having lost its reputation will also suffer from losing the clients. Both these risks are thus prioritized one after other. In addition to this, the risk of encountering legal prosecution on the legislative norms of “breaching of privacy” is then prioritized. It is because some clients can sue the company under the charges of negligence on clients’ safety context. Hence, the company needs to be ready to deal with such risk. At the same time, it is found and analyzed that, the financial damage risk whereas will be prioritized at last. It is because if...