The Risks of Cyberattacks on Diamond Prestige
Assessment Item 1
BSB115 - Management
Mikayla Tomarchio 9137840
At Diamond Prestige, we pride our self on being a leading manufacturing company of electronics including laptops, tablets and mobile phone devices. Our Diamond Prestige Headquarters’ is based in Melbourne, maintaining our presence with small offices in each capital state. We have chosen our suppliers from around the world which enables us to pick the best equipment, software and models for each of our products. Our products are sold wholesale to retailers but to ensure our customers receive the best possible service we also provide technical support and a consultant service on all electronic components and accessories. We aim to be an industry leader in the electronics industry, competing with some of the best companies in the current market today. Our mission at Diamond Prestige is not only providing the best quality products, but to engage our customers with extreme efficiency and continue making improvements for the future benefit of the company.
Word Count: 524 words
Cyber-warfare conjures up images of information warriors unleashing vicious attacks against an unsuspecting opponent’s computer networks, wreaking havoc and paralysing nations (Lewis, 2002). While this is a terrifying thought, is it an underlying concern at Diamond Prestige? The purpose of this brief is to analyse strategic risks of cyber-attacking and discuss whether innovation should be implemented within the business.
The issue of cyber-warfare increased rapidly last year and the issue certainly looks to be worsening given the migration onto open technology platforms. We’ve seen high-end data breaches of large companies, with data, personal records and financial information stolen and sold on the black market in a matter of days (McGregor, 2014). As technology is constantly changing and improving, cyber attackers are adapting and learning new ways to keep up with today’s technology, an issue that will become more frequent in the future.
Last year, an article was composed by McKinsey Quarterly detailing the rising strategic risks of cyber-attacks on businesses. This involved competitors stealing intellectual property and disrupting businesses to gain advantage over opponents. Only a few CEO’s realise that the real cost of cybercrime stems from delayed or lost technological information (McKinsey Quarterly, 2014). The risk of not implementing cyber security is far too high not to consider, as all systems at Diamond Prestige are used through technology including millions of confidential customer data files, information on new technology being released in future, as well as classified files which would be incredibly harmful to the business if released to competitors. In McKinsey’s article, there is a checklist on seizing the initiative on cybersecurity which is believed to effectively prevent hacktivists from breaking through.
The seven main points discussed include:
Prioritising assets by risk
Differentiate levels of protection
Integration of security
Active defences to uncover attacks
Tests to improve response plans
Engaging frontline personnel into this issue
In cooperating cyber resistance into risk management and government processes
By implementing this simple checklist…