Annotated Bibliography on Customer Relationship Management Assessment Answer

Introduction

Considering how fast digital technology has risen, paired with high amount of sensitive information being stored online, data breaches are becoming more common and are damaging organizations and their stakeholders.

Therefore, effective Information Governance practices can help organizations in protecting their information and in the prevention of data breaches. Through the implementation of Information Governance practices, organizations can reduce their risk of a breach and ensure that they are following relevant data privacy regulations.

List of Peer-reviewed Journal Articles

Source 1

Lewis, J. A., & Baker, S. (2013). The Economic Impact of Cybercrime and Cyber Espionage . Centre for Strategic and International Studies. http://csis-website-prod.s3.amazonaws.com/s3fs-public/legacy_files/files/publication/60396rpt_cybercrime-cost_0713_ph4_0.pdf

Introduction

In the digital era, data breaches and cyberattacks are becoming more and more common. This becomes a major threat to all organizations. A report by Lewis & Baker which analysed how cybercrime affects businesses all over the world was published in 2013.

The Economic Impact of Cybercrime

According to this analysis, cybercrime costs businesses worldwide between $375 billion and $575 billion annually. This shows the significant effect that cybercrime has had on organizations, including both direct and indirect costs. When businesses suffer data breaches and cyberattacks, this stresses them.

The Growing Scale and Complexity of Cyber-attacks

This report also takes note in the increase in cyber-attacks, as well as how sophisticated they have become. The report by Lewis & Baker states how cybercrime has become a global problem that affects businesses of all sizes. No business, according to this report, is therefore immune to cyber attacks and organizations must find ways to protect their assets from cyber threats.

The Global Nature of the Problem

The report by Lewis & Baker suggests that businesses around the world face similar threats. Businesses must therefore take a global approach to cybersecurity while also collaborating with governments, the police and any other international organizations that help combat cybercrime. This report shows how businesses should implement information governance practices so that data breaches and cyberattacks can be prevented. This is achieved through implementing appropriate policies, procedures, and technologies that will help organizations world wide.

Conclusion

In conclusion, the report by Lewis & Baker shows how data breaches and cyber attacks have become a significant problem for organizations world wide. This report also shows how businesses can protect their assets and data from cyber threats. This is done through implementing information governance practices that will in turn prevent data breaches and cyber attacks from affecting these organizations.

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Source 2

Ponemon Institute. (2019). IBM: Cost of a data breach report 2019. Computer Fraud & Security, 2019(8), 4–4. https://doi.org/10.1016/s1361-3723(19)30081-8

Introduction:

Data breaches and cyber attacks are becoming more common and more complicated, and this has become a big threat to businesses all over the world. The Ponemon Institute published a report in 2019 titled " IBM: Cost of a data breach report 2019," which examined all the consequences of data breaches on organizations in that year. This evaluation will look at how the Ponemon Institute report supports the statement that data breaches and cyber attacks are serious threats for businesses.

The Financial Impact of Data Breaches

According to the report by Ponemon Institute, the average cost that organizations spent after a data breach in 2019 was $3.92 million, a 1.5% rise from the previous year. This cost includes expenses such as investigations, repairs, legal fees as well as lost productivity for the organizations. It also covers indirect costs like reputational harm and consumer loss. The paper highlights the financial hardships that enterprises go through as a result of cyber-attacks, showing the financial impact of data breaches on businesses.

Growing Threat of Cyber Attacks

The Ponemon Institute report emphasizes the growing threat of cyber-attacks. Their frequency is increasing, and the methods that hackers use are always becoming more and more sophisticated, according to the report. The report, for example, mentions an increase in ransomware attacks in which an organization's data becomes encrypted and then a demand for payment to unlock it is issued. According to this report, cyber attacks are a global problem affecting organizations in all industries. Hence, no company is immune to cyber-attacks and businesses have to take protective measures to safe guard their assets from cyber-attacks.

Reputational Damage

According to the report by Ponemon Institute, data breaches also lead to reputational damage to businesses. According to the survey, customers have become more aware of the risks of data breaches and are willing to hold such firms and businesses accountable to protect their personal information. A data breach can result in loss of trust, customer turnaround and unwanted publicity, all of which can harm a company's reputation. To avoid reputational damage, the report emphasizes that businesses have to take a protective stance towards cybersecurity.

Regulatory and Legal Consequences

The Ponemon Institute paper also addresses the regulatory and legal problems that arise as a result of data breaches. According to the research, many states have passed some form of data protection legislation, for example the General Data Protection Regulation (GDPR) in the EU and California's Consumer Privacy Act (CCPA). These examples of legislation impose hefty fines and penalties for companies and businesses that don’t comply to protect their customer data. According to the research, data breaches can lead to direct legal action, governmental inquiries and fines. These inquiries can have many negative financial and reputational outcomes for corporations, organisations and businesses.

Conclusion

In conclusion, the Ponemon Institute's " IBM: Cost of a data breach report 2019”, tackles because data breaches and cyber attacks are a serious threat for businesses. The report highlights the financial cost of data breaches, the expanding threat of cyber attacks and the reputational, regulatory and legal problems. All these are results of data breaches. The research emphasizes the need for businesses to take protective methods to safe guard their assets and data against cyber threats. This is through the implementation of robust Information Governance frameworks capable of preventing data breaches and cyber attacks.

Source 3

Ponemon Institute. (2021). Eighth Annual Study: Is Your Company Ready for a Big Data Breach? Experian Data Breach Resolution . https://info.obsglobal.com/hubfs/Eighth-Annual-Data-Breach-Preparedness-Study-Experian%5B2%5D.pdf

Introduction

Cyberattacks and data breaches are a growing issue for businesses worldwide. Data breaches and cyber-attacks have been studied in Experian's " Eighth Annual Study: Is Your Company Ready for a Big Data Breach " by Ponemon Institute, which was published in 2021. This analysis will look at how the Experian report contributes to the idea that cyberattacks and data breaches represent a serious threat to businesses.

Increase in Remote Work

According to the study by Ponemon Institute, the risk of data breaches and cyberattacks has increased as the result of the COVID-19 pandemic's shift toward remote work. Based upon the study, a lot of businesses had to switch over to remote work quickly, resulting in an increase in security vulnerabilities and weaknesses. The research indicates how hackers have been targeting remote workers as a result of this trend, taking advantage of their home networks' weaknesses and using social engineering methods to break into corporate systems.

Ransomware Attacks

The report by Ponemon Institute further highlights how sophisticated and targeted ransomware attacks are becoming an important issue. As per the report, ransomware attacks have moved on from simple data encryption to the theft of information and threat of leaks of information if the ransom is not paid. According to the report, attacks via ransomware have become more common and costly, and a lot of businesses now pay the ransom to get their data returned.

Supply Chain Attacks

Attacks on the supply chain are a further threat to businesses, according to the study by Ponemon Institute. Attacks like these take place when hackers target suppliers and vendors who have access to important information for the company. According to the research, supply chain attacks are on the rise, with hackers using the benefit of businesses' trust in their suppliers to enter their systems.

Financial Impact

Data breaches and cyberattacks have an enormous financial impact on firms, based on the study by Ponemon Institute. According to the report, the average cost of a data breach is increasing, with the price of damaged record rising to $150. The research also mentions that organizations may be facing large legal and regulatory fines for data breaches, in along with harm to reputation and customer loss. In order to prevent data breaches and cyberattacks, the research stresses the need for organizations to invest in cybersecurity measures.

Emerging Technologies

The risks and opportunities related to emerging technologies, such as 5G technology and the Internet of Things (IoT), are also highlighted in the study by Ponemon Institute. The research sites out that although these technologies have many benefits, they however give hackers more entry points, which raises the risk of cyberattacks. The report stresses the need for organizations to carefully consider the benefits and dangers of employing emerging technologies and to put in place the necessary safety measures to reduce the risks linked with it.

Conclusion

" Eighth Annual Study: Is Your Company Ready for a Big Data Breach? " by Ponemon Institute offers details about current and future trends in cyberattacks and data breaches. The research points out a growing danger of ransomware and supply chain breaches, the increasing risk of data breaches and cyber attacks brought on by the move to remote work, and the significant economic impacts that such events can have on businesses. The research highlights the need for businesses to invest money on cybersecurity precautions and to carefully consider the benefits and drawbacks of emerging technologies. In general, the report acknowledges that cyber threats and data breaches are serious problems for businesses and it suggests the need for businesses to establish strong information governance practices and safety procedures to protect their investments and organisational data.

Source 4

Widup, S., Spitler, M., Hylender, D., & Bassett, G. (2018). Data Breach Investigations Report. Verizon. www.researchgate.net/publication/324455350_2018_Verizon_Data_Breach_Investigations_Report

Introduction

For businesses in all fields, data breaches and cyberattacks are an ongoing and serious issue. On behalf of Verizon, Widup et al. issued the "Data Breach Investigations Report" in 2018, which studied the most recent overall trends in cyberattacks and data breaches. This analysis will look at how the Widup et al. paper contributes to the idea that cyberattacks and data breaches are a serious threat to businesses.

Increase in Incidents

According to the study by Widup et al., there are numerous data breaches and cyberattacks every year. Over 53,000 security-related problems and 2,216 proven data breaches were investigated in 2018, a major rise from 2017. A large number of cases tend to go unreported or unnoticed according to the study, implying that an actual number of cases may be much larger. According to the study, data breaches and cyber attacks are a rising and persistent problem that affects businesses of all sizes and in all industries.

Common Attack Methods

The most frequent methods of attack used by cybercriminals are outlined in the Widup et al. research. According to the report, phishing scams remain an important threat, contributing to 93% of all data breaches. Attacks using ransomware are also on the rise, with a 15% increase in 2018. The report shows that cybercriminals have developed their attack strategies, using fresh and creative ways to get into firms' networks.

Impact on Businesses

The Widup et al. study indicates the significant impacts that cyberattacks and data breaches have on businesses. According to the report, the average cost of a data breach is rising, with the price per affected account growing to $148. The research also states that data breaches may lead to damage to reputation, customer loss, and legal penalties. The study illustrates how cyberattacks and data breaches have a major and lasting effect on a company's operating and financial success.

Industry Specific Risks

The research paper by Widup et al. additionally highlights the dangers of data breaches and cyberattacks that are specific to particular industries. Based on the report, certain sectors such as healthcare and finance are particularly targeted as result of the significant value of the data that they have. The report additionally stresses out that various businesses face different risks, with the education sector being frequently targeted by phishing while the public sector is more frequently targeted by hacking. The study indicates that companies must be aware of the risks specific to their industry and take preventative steps to reduce them.

Conclusion

In conclusion, Widup et al. 's “Data Breach Investigations Report” provides plenty of evidence that cyberattacks and data breaches are serious problems for businesses. The data shows that these incidents are happening regularly and that cybercriminals are coming up with stronger attack tactics. The study includes industry-specific risks that some companies face as well as the serious financial, reputational, and operational consequences that data breaches and cyberattacks have on businesses. By implementing effective Information Governance principles and safety measures, the research shows the need for businesses to take preventative measures to protect their data and assets from cyber attacks.

Summary paragraph

A solution to the problems that organisations face concerning cyber security and data breaches requires a broad strategy involving a combination of technology, people, and steps. To protect their networks and systems, businesses ought to invest money in cybersecurity technologies like firewalls, systems for detecting and preventing intrusions, encryption, and data loss prevention tools. Businesses should educate their employees on cybersecurity methods and check that they understand the risks caused by cyberattacks. Organizations may perfectly avoid, find, and respond to cyberattacks with the help of strong security rules, regular security inspections, and plans for responding to incidents. In order to strengthen their safety measures and stay updated with the most recent threats and vulnerabilities, organizations should also think about working in partnership with external cybersecurity experts. Organizations may greatly reduce the risk of data breaches and cyber-attacks, and protect their data and reputation through implementing an in-depth approach to cybersecurity.

Sources

1. Lewis, J. A., & Baker, S. (2013). The Economic Impact of Cybercrime and Cyber Espionage . Centre for Strategic and International Studies. http://csis-website-prod.s3.amazonaws.com/s3fs-public/legacy_files/files/publication/60396rpt_cybercrime-cost_0713_ph4_0.pdf
2. Ponemon Institute. (2019). IBM: Cost of a data breach report 2019. Computer Fraud & Security, 2019(8), 4–4. https://doi.org/10.1016/s1361-3723(19)30081-8
3. Ponemon Institute. (2021). Eighth Annual Study: Is Your Company Ready for a Big Data Breach? Experian Data Breach Resolution . https://info.obsglobal.com/hubfs/Eighth-Annual-Data-Breach-Preparedness-Study-Experian%5B2%5D.pdf
4. Widup, S., Spitler, M., Hylender, D., & Bassett, G. (2018). Data Breach Investigations Report. www.researchgate.net/publication/324455350_2018_Verizon_Data_Breach_Investigations_Report

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