Cyber Risk & Resilience Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Cyber Risk and Resilience. Answer: Cyber Risk Resilience Linkov and Palma-Oliveira (2017) have defined cyber risk as any damage, disruption or financial loss due to the failure of external attack on the information system of an business organization. Cyber risks and threats are becoming more varied and frequent with quick adaptability and nimble characteristic of the attackers. Biener, Eling and Wirfs (2015) claimed that a successful cyber attack on a firm can cost an annual average of $20 millionfinancial loss. The ability of an organization for identification, detection, responding and prevention of the information system recovery and failure for minimizing the financial loss, reputational damage and customer harm is defined as cyber resilience. On the other hand, Estay and Khan (2015) defined the cyber risks as a multi-dimensional concept. Therefore, todays organization needs to focus on three major areas for controlling the cyber risks. Linkov and Palma-Oliveira (2017) showed that the IT infrastructure and the technology risks are cons idered as the most viable area for cyber attacks. Conducting regular surveillance, regular monitoring, and testing and integrating proper management program for controlling; the risks helps in reducing cyber attacks. The second area of cyber risks is within the operations. According to Biener, Eling and Wirfs (2015), the operational risks often results in the potential failure in the technology infrastructure and standard processes followed within the business organizations. The operational risks can be mitigated by determining the risks appetite for the particular attacks. The standard business operations should include proper functions and framework for preventing the cyber attacks. The third area comprises of the financial fraudulent crimes over, low-cost, smaller events. The business organist ions needs to incorporate the system and programs for detecting any attack or anomalies within the business organization for mitigating cyber attacks. References Biener, C., Eling, M. and Wirfs, J.H., 2015. Insurability of cyber risk: An empirical analysis.The Geneva Papers on Risk and Insurance Issues and Practice,40(1), pp.131-158. Estay, D.A.S. and Khan, O., 2015. TOWARDS A SUPPLY CHAIN CYBER-RISK AND RESILIENCE RESEARCH AGENDAA SYSTEMATIC LITERATURE REVIEW. In20th International Symposium on Logistics (ISL 2015). Linkov, I. and Palma-Oliveira, J.M. eds., 2017.Resilience and Risk: Methods and Application in Environment, Cyber and Social Domains. Springer.