This paper will discuss cybersecurity in the corporate world. It will focus on the issue of protecting personal information of clients stored in computers of financial institutions. In recent occasions, organizations have reported several incidents of being under a cybercrime attack. Stiff competition among companies in the same sector has been the main cause of rampant hacking of organizational data, mainly clients’ personal details and credit card information. Companies, such as Bank of America and Wells Fargo reported experiencing hacking organized by immediate competitors. Large scale retailers also have not been left out in this malicious vice that continues to scare a good number of investors.
Cybercrime is carried out by well trained and experienced individuals who are abreast with the latest and most current technological trends. Majority of the hackers are believed to be engaged in the vice as a career and are below the age of thirty-eight years. Hacking is the process of gaining unauthorized access to a system and tempering its contents. The motive behind the hacking and manipulation of an organization’s databases is to gain information that will enable the competing company to gain advantage over the hacked organization. There are many attempted hacking moves on major companies in the United States, but only a few succeed. The success level of hacking is therefore not high in the United States since many organizations invest lucratively into resources that ensure their sensitive information is not leaked to the public.
Organizations use different means to protect their client’s information and implement preventative measures to ensure that the client’s information is not leaked to their immediate competitors. Of the many ways used, four are commonly used, such as……
-Understanding the risks associated with an organization, both internal and external risks. In doing so, the management is able to focus its attention in areas or departments that appear to bear a larger risk.
-Encrypting data within an organization assists in preventing unauthorized access to a company’s information. In this case, one has to have unique login details to access information.
-Locking computers and laptops in the office reduces the risk of an employee or an external person from acquiring an entire central processing unit or computer and eventually sharing information contained within the devices with unauthorized individuals.
-Organizations also ensure that every employee becomes fully aware of the importance of protecting such vital information, by providing programs that aide in protecting their identity, fraud protection and the protection of their personal identifiable information.
Of the above ways, creating awareness within employees and explaining the need to keep company information secret and encrypting company data has proven to offer better results.
This paper will discuss and explore in detail the aforementioned ways of protecting information within a company in terms of their strengths and weaknesses, extension of application and how they can be put together to create a more effective system to protect client’s information from being leaked.