Cyber security systems are generally described as are real-time and robust independent systems which need to be stable, reliable, efficient, and robust. To achieve these requirements, the integration of computing, communication, and control technological systems are essential. Because of their complexity and connectivity, the cyber security systems of critical infrastructures are the targets of cybercriminals.
Security breaches occur when individuals, processes and other components of the systems are attacked or when risk management is compromised, missing or inadequate. Usually confidential data such as the details of consumers and clients become the targets of malicious attackers.
As cyber security systems are more widely adapted, the threats and risks are likely to increase. Risk involves an event that may occur due to system malfunction or failure and which results in the harming of assets or people of an institution and threatens its continued sustainability.
Threats and risks will never be fully eliminated and hence “managing CPS security risk is about determining and understanding the risk rating of events and putting the right processes or controls in place to manage them in accordance with the organization’s risk tolerance level” (Kure, et al. 2018). Thus, risk management is not a once off event and needs to be continuously maintained.
Risk management also needs to be proactive in the identification of managerial and technical problems to reduce the impact of these problems. Additionally, as security threats grow, the organisations need a comprehensive and integrated cybersecurity risk management system to identify unique cybersecurity threats and their trends.
Aligning cyber and enterprise risk
Advanced technologies, such as artificial intelligence, blockchain or cloud, create fertile ground for cyber security breaches and attacks. Continuing technology-driven disruption fuelled require an integrated approach, embedding cyber in all technology-powered growth decisions. Fortunately, an increasing number of businesses view cyber risk as part of technology risk. Thus, emerging, or disruptive technology risk is the greatest threat to an organisation’s growth and can be classified as the cause of cyber security risk. Cyber risk is increasingly rooted in overall change programs and are included as part of strategic plans and decisions; hence a more integrated approach is used.
Technology and cyber threat level s
New threats are created by technologies such as artificial intelligence (AI), and there is an increasing need to protect AI from misinformation generated and used for making decisions. While artificial intelligence and techniques such as deep learning hold wide-ranging advancement promises, their technology is also available for use to those who have a criminal intent and plan to attack critical infrastructures and mission critical information.
For example, intelligent bots are precise and reliable in delivering plots designed to illuminate or deceive. Issues related to artificial intelligence, machine learning and deep learning should be used to augment existing systems by allowing responses to these threats and malicious software. Deep learning could provide an opportunity to strengthen and build security capabilities to protect, enable and sustain the business.
Companies are increasingly aware of the reputational risks posed by security breaches and thus the importance of cyber security for maintaining the reputation of companies is receiving renewed attention.
Although the importance of cyber security may be recognised, being prepared for cyberattacks are compromised by the increased complexity of digital transformation powered by advanced technologies.
Against the backdrop of new cyber threats to both organisations and consumers companies need to use these opportunities to prioritise a comprehensive and integrated cybersecurity approach.
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Source: Kure, HI, Islam, I and Razzaque, MA. 2018. An Integrated Cyber Security Risk Management. Applied Sciences.