Question

Digital transformation 'fundamentally' changing cybersecurity

Digital transformation is forcing ‘fundamental changes to cybersecurity strategies’, more than two thirds (69 per cent) IT executives are saying. The conclusion was released in a new report by BMC and Forbes Insight. Among the critical assets that need protecting are financial and customer information, brand reputation, intellectual property and employee information. Most work, when it comes to cybersecurity, is around cloud. Almost two thirds (65 per cent) of respondents said public clouds have the biggest security implications. This year’s report is all about accountability. More than half (52 per cent) said accountability for breaches has increased for their operations teams.

“Make no mistake, cybersecurity is a critical initiative across the board. Every company, government, and society is seeking new innovative paths to drive our digital future, but all are battling increased threats from phishing, ransomware, and known vulnerabilities,” said Bill Berutti, president of security and compliance at BMC.

“Businesses need to tear down security and operations walls – or keep getting hacked. BMC is continuing to deliver highly sophisticated SecOps solutions that are illustrating our commitment and leadership in addressing these top customer priorities.”

“The biggest fear of the CIOs and CISOs I speak to is seeing their companies on the front page of The Wall Street Journal because they’ve had a massive breach,” says Sean Pike, program vice president for security products at IDC.

BMC says organisations should act now, otherwise they’re leaving corporate assets vulnerable to hackers. Here are three BMC’s recommendations for everyone:

“Create a modern cybersecurity strategy backed by a solid business model, including spending proposals that target security spending in areas of greatest impact. Increase efforts to secure mission-critical assets. Devote additional personnel and technology to ensure the enterprise is secure. Develop an enterprise-wide culture of security that includes key stakeholders like the line of business owners who can help reduce “weak link” security gaps.”

1. Which critical assets should companies be concerned about protecting? Give some examples of intellectual property that you might want to protect in your own business.

2. Do some online research and/or use your own knowledge to define the terms mentioned in the article: ‘phishing’ and ‘ransomware’.

3. What are BMC’s three recommendations when it comes to protecting corporate assets?

Answer 1

Answer 1= An organization has both the physical corporate assets and intangible corporate assets. The case study mainly deals with the intangible corporate assets that mainly include the intellectual property material that is the work or the product of the creativity and it may include some unique processes developed by the organization, important patents, copyrighted material, trade secrets and trademarks and so on.

My business has intellectual property in the form of patents, trademark, trade secrets, and copyrighted material.

Answer 2= Phishing and ransomware both are connected to each other. Phishing is mainly the use of an email message that appears to be sent by the trustworthy sender but when the receiver clicks the message and its link, malicious software gets executed that results in the encryption of the data and these senders then ask for the ransom or money to decrypt this data. Phishing messages commonly direct the user to the authentic-looking website where the user is asked to facilitate the important data and it causes the entire data stored in his computer system to be encrypted.

Answer 3= Three recommendations are stated below-

The organizations must invest in the development of a modern cybersecurity strategy which must be supported by the strong business model and to invest more on the cybersecurity aspects and to put greater emphasis on the safeguarding the important assets of the organization

The organization must develop some additional manpower and important and attest technology to safeguard their important IP assets

The organization must try to improve the organizational culture to include a greater emphasis on the security involving the important players such as top management who are important in strengthening the weak links.

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