The report published by the IT Executive highlights that tighter corporate governance and rules are required in all IT engagements to counter the growing risks of cyber crime and thefts, go to this page for more information. Tightened internal controls over personnel, technology and procedures at all levels are therefore called for to prevent infiltration and increase information security. The report also suggests that corporate governance should include measures to enforce intellectual property rights within organizations to discourage the theft of proprietary information. Similarly measures such as risk management and monitoring of network activity should be strengthened to better detect and respond to any potential breach.
There are a number of threats to companies globally and the trends are continuing to evolve. In a bid to protect corporate and individual interests the UK government is considering the introduction of a new National Insurance Crime Bill. The measures, which are being debated in the Commons, will help law enforcement agencies to crack down on crime that involves insurance frauds. Insurers and industry groups have welcomed the move and claim that the move will make theft of insurance cover a more difficult activity. However, security and law enforcement groups are worried that the tighter controls could make it harder for victims of crime to get compensation if they have been wrongfully accused of theft.
Companies have already been subject to attacks by hackers, malware and viruses that have resulted in thousands of pounds worth of damage. With tighter budgets resulting in fewer resources to dedicate to internal IT is essential that all necessary precautions are put in place to ensure that confidential information does not fall into the wrong hands. This is not only at risk but could cost businesses thousands of pounds and months of hard work. By investing in tighter internal controls and by devising stronger data protection rules businesses could prevent such problems before they occur.
The first area where there are potential risks lies in the area of supply chain and logistics. The report states that increased regulation has led to suppliers using outdated techniques when shipping products. It is essential that suppliers are able to demonstrate that they are adhering to international standards and can provide valid guarantees that goods have been packed, transported and delivered according to contract. In the past few years a number of new information security standards have been agreed, which are now being implemented in a bid to tighten up the supply chain environment. However, if these proposals are not properly enforced, companies could be subject to increased regulations that limit their ability to process payments for products and services.
Another area that could see increased threats comes from the misuse of information technology (IT) systems. Computer viruses and malware are one of the biggest threats, particularly in larger companies that rely on network connections to function. With more companies are relying on computers for transactions it is important that network security is closely monitored and kept as strong as possible. In the past it has been seen that even the most powerful antivirus programs were unable to prevent a massive virus outbreak on the network that was eventually traced back to a large number of IT staff accessing unsecured Wi-Fi hotspots. These problems are likely to continue to cause major headaches for business owners unless measures are taken to prevent them happening in the first place.
In the end, tighter IT governance processes will no doubt be put in place as a result of the tighter IIT JEE paper. However the majority of these processes will only come into effect once significant damage has already been done. The best advice that any company should take is to implement a dedicated information security team and to ensure that they regularly update this team to ensure that all standards are being enforced. In the end tighter security isn’t just about preventing hackers gaining access to your company’s confidential information; it is also about preventing them from passing on your information to another party.