HS7000 Information Systems in Business Research Report Sample
Assignment Brief
Objectives
This assessment item relates to the unit learning outcomes as in the unit descriptor. This assessment is designed to improve student learning skills and to give students experience in researching the literature on a topic relevant to the Unit of Study subject matter, critically analysing current academic papers then presenting idea or question and expected outcomes with clarity and definition in a referenced written report.
Instructions
The purpose of this assignment is to develop your critical thinking, research capabilities, and understanding of the intricate relationship between Information Technology and Business. You will select a topic from the provided list, conduct a thorough literature review, and present a critique that explores the role, strategic alignment, benefits, and potential challenges associated with the chosen Information Technology topic in the context of business.
Topics (Choose one):
o The Role of Information Systems in Business
o Information Systems Strategy: Aligning IT with Business
o IS Strategy Performance Measurement, Evaluation, and Implementation
o IS Architecture, Virtualization, and Cloud Computing
o Enterprise Systems
o Cybersecurity and Risk Management Technologies
o Business Process Management
o Business Analytics
o Predictive Analytics and Big Data
o Artificial Intelligence and Machine Learning
o Industry 4.0
IT Ethics, Privacy, and Sustainability for Business Advantage
Assignment Tasks:
• Introduction: Briefly introduce your chosen topic, its relevance to Information
Technology in Business, and the scope of your literature review.
• Literature Review: Conduct a comprehensive review of existing scholarly articles,journals, and authoritative sources related to your topic. Discuss key findings, theories, and methodologies that are prevalent in the literature.
• Critical Analysis: Critically analyze how the chosen topic impacts business operations, strategic decision-making, and competitive advantage. Consider both positive and negative aspects, supported by evidence from your literature review.
• Discussion: Discuss the implications of your findings for businesses and IT professionals. How can organizations leverage or mitigate the effects of the chosen technology?
• Conclusion: Summarize the key insights gained from your literature review and analysis. Offer recommendations or future research directions based on your findings.
• References: Include a comprehensive list of all sources cited in your work, formatted according to the APA, MLA, or Chicago style, as per your course guidelines.
Solutions
1. Introduction
The significance of “cyber security and risk management technologies” needs to be thoroughly addressed in today's digital landscape. These risk management technologies are aimed at formulating well-designed advanced information security (Lee, 2021). Precisely, these technologies focus on safeguarding critical data from unauthorized access, potential cyber-attacks and data breaches. Any “failure to ensure” cyber security can have negative consequences for businesses. The information available at secondary sources has confirmed that Cybersecurity involves a wide range of practices and technologies designed (Rodríguez-Espíndola et al. 2022). These practices are strategically formulated in order to protect digital assets and maintain data confidentiality, integrity etc. Risk management is directly linked to cybersecurity (Endro Joko Wibowo & Kalamullah Ramli, 2022). Relating to this information, the “cyber security and risk management technologies” refer to the systematic process of identifying, properly assessing and strategically mitigating risks of an organization's information systems and data.
According to the information available at reliable sources, most businesses increasingly depend on digital platforms for customer engagement, operations, and data management (Durst, Hinteregger & Zieba, 2024). These are the reasons why the potential scopes for cyber threats are significantly increasing. It is relevant to state in this context that cyber-attacks can disrupt business operations, dismiss customer trust and lead to significant financial losses (Marquez-Tejon, Jimenez-Partearroyo & Benito-Osorio, 2022). Eventually, the same can potentially damage organizational reputations to a great extent (Razikin & Soewito, 2022). Referring to the information stated, well-defined cybersecurity measures need to be implemented in order to protect sensitive information and ensure business continuity over the period. Along with this, regulatory requirements such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR) must be followed in order to strengthen data protection measures (Shaikh & Siponen, 2023).
This paper aims to provide a detailed overview of cybersecurity and risk management technologies. It will thoroughly assess the evolution of these technologies, key theories and frameworks etc. Apart from that, the review will highlight significant findings and contributions in the field by exploring scholarly articles, journals etc. Precisely, a critical analysis will shed light on how cybersecurity and risk management technologies may potentially influence business operations, competitive advantage and strategic decision-making. Last but not least; this report will provide actionable recommendations for future research by emphasizing on the key insights gained for university assignment help.
2. Literature Review
2.1. Evolution of Cybersecurity Technologies
The evolution of cybersecurity technologies has shaped the rapid advancements of information technology. It is significant to state that cybersecurity efforts are focused on initial protective measures such as antivirus software and firewalls (Varga, Brynielsson & Franke, 2021). These early tools were strategically designed in order to defend against potential known threats. In addition, these tools generally block unauthorized access and detect malicious software as significant “risk management initiative” (Kandasamy et al. 2020). Over the period, these basic risk management practices have become insufficient due to increasing complexities in cyber threats. As a result, more advanced technologies have been developed in response to this. Intrusion Prevention Systems (IPS) and Intrusion Detection Systems (IDS) have been developed.
These are the critical components of cybersecurity. It is essential to mention that IDS tools monitor network traffic for suspicious activities. In addition, IDS tools quickly alert the administrators to potential threats (Pollini et al. 2022). On the other hand, the IPS tools are designed to actively block detected threats. These systems have become more effective with the integration of machine learning or ML and artificial intelligence or AI (Hoffmann et al. 2020). The same has enhanced their ability to analyze “patterns” and detect potential threats in real-time. Even, Encryption technologies have also evolved. Encryption technologies ensure stronger protection for data (Brunner et al. 2020).
2.2. Key Theories and Frameworks
NIST Cybersecurity Framework
The NIST Cybersecurity Framework has provided a detailed guide for managing and reducing cybersecurity risk. NIST Cybersecurity Framework has emphasized on five core functions comprising identify, protect, detect, respond, and recover (Slapni?ar et al. 2022).
.png)
Figure 1: Key functions of NIST Cyber security Framework
(Source: Irsheid et al. 2022).
In other words, these functions have offered a structured approach to cybersecurity. NIST Cyber security Framework is aimed at helping organizations to identify their cybersecurity risks, protect their digital assets, detect strategic security incidents, respond to potential threats, and recover from the “incidents” (Irsheid et al. 2022).
ISO/IEC 27001 standard for information security management systems
This framework reflects on the specific actions that can be implemented to improve cybersecurity of the organizations (Kamiya et al. 2021).
.png)
Figure 2: Key aspects associated with ISO/IEC 27001 standard for information security management systems
(Source: Wang & Liu, 2022).
Referring to the information depicted above, this framework has offered a systematic approach to implementation, maintenance, and continual improvement of “information security management: within an organization (Wang & Liu, 2022).
2.3. Methodologies and Practices
Cybersecurity methodologies and practices are widely expanded. The same reflects the diverse range of potential threats that the organizations encounters. In general, penetration testing and vulnerability assessments are employed to assess the potential Cybersecurity threats. It has been identified that “vulnerability assessments” include scanning systems for known vulnerabilities (Etemadi et al. 2021). On the other hand, “penetration testing” simulates cyber-attacks in order to identify the potential weaknesses. Referring to the information, these practices enable the organizations to address security gaps initially before any exploitation by the cyber criminals.
Multi-factor authentication (MFA) has become a standard security measure. It has added an extra “layer of protection” (Lee, 2021). Multi-factor authentication asks the users to provide multiple forms of verification in order to access to systems. The same has significantly reduced “the risk of unauthorized access” even if passwords are compromised in some cases. In addition, Threat intelligence feeds offer real-time data on emerging potential threats (Rodríguez-Espíndola et al. 2022). It enables the organizations to stay informed about the latest cyber threats and vulnerabilities. Relating to this information, the organizations can improve their ability to detect and respond to potential attacks by integrating threat intelligence into their security operations.
2.4. Impact of Emerging Technologies
Emerging technologies such as quantum computing, blockchain and the Internet of Things (IoT) has presented both opportunities and challenges for cybersecurity. Blockchain technology is equipped with decentralized and immutable nature. It offers advanced applications for identity verification and secure data transactions (Endro Joko Wibowo & Kalamullah Ramli, 2022). The well-designed innovative security features of blockchain aimed at protecting sensitive information.
“Quantum computing” can be considered as a potential threat to current encryption methods. Quantum computers are strategically designed to potentially break existing “cryptographic algorithms”. The same has instigated the essentiality of developing quantum-resistant encryption techniques (Durst, Hinteregger & Zieba, 2024). The researchers are already working on post-quantum cryptography in order to address this significant IT challenge.
3. Critical Analysis
3.1. Impact on Business Operations
In accordance with the information stated in this paper, Cybersecurity and risk management technologies have a significant impact on business operations. These technologies are indeed essential in order to prevent the disruptions caused by cyber-attacks. It has been identified that a well-defined cybersecurity measure can protect from ransomware attacks (Marquez-Tejon, Jimenez-Partearroyo & Benito-Osorio, 2022). Relating to this context, it is relevant to state that ransomware attacks can disrupt supply chains, and eventually cause financial losses. On the other hand, the implementation of cybersecurity technologies can be challenging. One of the initial challenges associated with cybersecurity implementation is the increased operational cost.
Along with this, the organizations need to invest in advanced tools, hire skilled individuals as their employees. These investments are required in order to ensure operational efficiency of the implemented cybersecurity. These costs can potentially increase estimated organizational expenditure for small and medium-sized enterprises (SMEs) with limited resources. In addition, the requirement for “continuous updates and monitoring” has also been identified as another significant challenge (Razikin & Soewito, 2022). Cyber threats are constantly evolving over the period. Due to this, the cybersecurity measures need to be upgraded in order to mitigate potential Cyber threats. The same requires ongoing investment in new technologies and practices. Failure to which can potentially expose the organizations to cyber-attacks.
3.2. Influence on Strategic Decision-Making
The integration of cybersecurity into strategic decision-making processes is essential in order to protect business assets. The same will enable the organizations to maintain a competitive edge. The concerned decision-makers of the organizations must consider cybersecurity risks when entering new markets, planning new ventures and adopting new technologies (Shaikh & Siponen, 2023). The information available at secondary sources has informed that the organizations adopted “secure-by-design principles” are able to differentiate themselves in the market (Varga, Brynielsson & Franke, 2021). Relating to this information, secure-by-design principles are generally employed during the development of new products. The same eventually contributes to enhance customer trust to a great extent. In addition, it optimizes further scopes of gaining “competitive advantage” for the organizations.
3.3. Competitive Advantage
Referring to the information stated in this paper, effective cybersecurity practices can offer significant competitive advantage by developing trust with customers, partners, and other stakeholders. It has been identified that organizations that ensure a strong commitment to “data protection and data privacy” are inclined to attract and retain customers. GDPR, HIPAA etc. are significant regulatory standards (Kandasamy et al. 2020). Organizations that adhere to these regulatory standards can avoid legal penalties. The same eventually helps in enhancing organizational reputation. It often enables the organization to gain proper access to new markets without any legal hazards. Precisely, this approach can collectively contribute in gaining a competitive edge. On the other hand, the organizations that neglect cybersecurity tend to encounter financial losses and severe reputational damage over the period.
3.4. Positive and Negative Aspects
.png)
.png)
Table 1: Positive aspects and negative aspects of cybersecurity and risk management technologies
(Source: created by the author and information obtained from secondary sources)
4. Discussion
4.1. Implications for Businesses
Implementation of well-defined cybersecurity measures is a “defensive strategy initiative” for most of the organizations. In addition, this strategic practice is aimed at building “resilience” against potential threats. One of the key implications is the requirement for a holistic approach to cybersecurity. This same includes integrating cybersecurity into all aspects of business operations. Precisely, integration is required in the activities involved in initiating, innovation, product development, customer service etc. As per the information available at secondary sources, “human error” often contributes to security breaches (Pollini et al. 2022). Organizations must adopt strategic practices to promote a “culture of security awareness” among the employees. Apart from the mentioned, the organizations must invest in advanced technologies in order to stay informed of potential threats.
4.2. Implications for IT Professionals
The cybersecurity and risk management technologies offer both opportunities and challenges to the IT professionals. The increasing demand for cybersecurity expertise has led to increased job opportunities and further career advancement prospects for IT professionals (Brunner et al. 2020). The IT professionals must update their skills in order to strategically deal with the evolving cybersecurity threats. Certifications on “Certified Information Security Manager (CISM)” and “Certified Information Systems Security Professional (CISSP)” can enhance the career prospects of the IT professionals. In a nutshell, the IT professionals must enhance their ability and competencies in order to protect the organizations from cyber threats.
4.3. Leveraging Cybersecurity Technologies
Organizations must employ effective “cybersecurity technologies” in order to strengthen their overall security infrastructure of the company. The same includes adopting a multi-layered approach to security. In addition, adoption of multiple defensive mechanisms can protect the organizational data assets from different types of potential threats (Slapni?ar et al. 2022). For example, properly combined firewalls, encryption and “intrusion detection systems” can create a more effective defense mechanism against potential risks. Apart from that, strategic collaboration with external partners such as cybersecurity firms, data security service providing organizations etc can also enhance an organization's ability to detect and respond to threats.
4.4. Mitigating the Effects
As initially indicated, the organizations must adopt a detailed risk management strategy in order to mitigate the effects of cybersecurity threats.
.png)
Figure 3: Steps involved in risk assessments for Cybersecurity threats.
(Source: Kamiya et al. 2021).
It includes carrying out “risk assessments” in order to identify potential vulnerabilities on regular basis. In addition, a well-defined incident response plan can be developed (Kamiya et al. 2021). The same will enable to minimize the severe impact of a breach. Apart from that, it will instigate to promptly employ appropriate actions as risk mitigation approach.
5. Recommendations
• Investing in Advanced Technologies
Organizations must invest in advanced cybersecurity technologies such as ML and AI. These technologies can analyze wide range of data. The same enables to identify patterns that indicate potential security breach (Irsheid et al. 2022). In addition, organizations must consider adopting blockchain technology in order to initiate “secure data transactions”.
• Enhancing Cybersecurity Awareness
Referring to the shifting patterns of the cybersecurity threats nowadays, the organizations must promote “cybersecurity awareness” among its employees. The same can be achieved through regular training programs. Training must cover topics including recognizing phishing emails, using strong passwords, and adhering to cyber security procedures and policies.
• Optimizing Collaboration
Effective Collaboration can help in addressing cybersecurity challenges. The organizations must collaboratively work with the external partners like cybersecurity firms, government agencies etc. This strategic practice will enable to share threat intelligence and best possible mitigation approaches (Slapni?ar et al. 2022). In a nutshell, this collaborative approach can enhance an organization's ability to detect and respond to threats.
• Future Research Directions
The future research must explore the impact of cybersecurity in shaping strategic decision-making, operational efficiency etc. The future research must unveil how the organizations can balance cybersecurity with innovation and business growth.
6. Conclusion
In accordance with the information stated throughput this paper, cybersecurity and risk management technologies are essential for ensuring operational continuity and protecting business assets in today's digital landscape. This report has thoroughly highlighted the evolution of these technologies, in support of key theories and frameworks and relevant methodologies for better understanding. The critical analysis has shed light on the impact of these technologies on competitive advantage, strategic decision-making and business operations. In addition, the critical analysis has revealed both positive and negative aspects.
The discussion has emphasized on the implications for the IT professionals and organizations. Apart from that, this detailed discussion of this paper has offered valuable insights into how organizations can mitigate and leverage the effects of cybersecurity measures. Even, some actionable recommendations have also been enlisted. Effective implementation of these recommendations will strategically protect the organizations against cybersecurity threats. In a nutshell, the organizations can strategically deal with the evolving “cybersecurity landscape” through strategic planning, employee education, and technological innovation as recommended.
7. Reference list
Brunner, M., Sauerwein, C., Felderer, M., & Breu, R. (2020). Risk management practices in information security: Exploring the status quo in the DACH region. Computers & Security, 92, 101776. Retrieved from: https://arxiv.org/pdf/2003.07674 [Retrieved on 14 May 2024]
Durst, S., Hinteregger, C., & Zieba, M. (2024). The effect of environmental turbulence on cyber security risk management and organizational resilience. Computers & Security, 137, 103591. Retrieved from: https://doi.org/10.1016/j.cose.2023.103591 [Retrieved on 14 May 2024]
Endro Joko Wibowo, E. J. W., & Kalamullah Ramli, K. R. (2022). Impact of Implementation of Information Security Risk Management and Security Controls on Cyber Security Maturity (A Case Study at Data Management Applications of XYZ Institute). Jurnal Sistem Informasi (Journal of Information System), 18(2), 1-17. Retrieved from: https://doi.org/10.21609/jsi.v18i2.1146 [Retrieved on 14 May 2024]
Etemadi, N., Borbon-Galvez, Y., Strozzi, F., & Etemadi, T. (2021). Supply chain disruption risk management with blockchain: A dynamic literature review. Information, 12(2), 70. Retrieved from: https://doi.org/10.3390/info12020070 [Retrieved on 15 May 2024]
Hoffmann, R., Napiórkowski, J., Protasowicki, T., & Stanik, J. (2020). Risk based approach in scope of cybersecurity threats and requirements. Procedia Manufacturing, 44, 655-662. Retrieved from: 10.1016/j.promfg.2020.02.243 [Retrieved on 15 May 2024]
Irsheid, A., Murad, A., AlNajdawi, M., & Qusef, A. (2022). Information security risk management models for cloud hosted systems: A comparative study. Procedia Computer Science, 204, 205-217. Retrieved from: https://doi.org/10.1016/j.procs.2022.08.025 [Retrieved on 14 May 2024]
Kamiya, S., Kang, J. K., Kim, J., Milidonis, A., & Stulz, R. M. (2021). Risk management, firm reputation, and the impact of successful cyberattacks on target firms. Journal of Financial Economics, 139(3), 719-749. Retrieved from: https://doi.org/10.1016/j.jfineco.2019.05.019 [Retrieved on 14 May 2024]
Kandasamy, K., Srinivas, S., Achuthan, K., & Rangan, V. P. (2020). IoT cyber risk: A holistic analysis of cyber risk assessment frameworks, risk vectors, and risk ranking process. EURASIP Journal on Information Security, 2020, 1-18. Retrieved from: https://link.springer.com/content/pdf/10.1186/s13635-020-00111-0.pdf [Retrieved on 14 May 2024]
Lee, I. (2021). Cybersecurity: Risk management framework and investment cost analysis. Business Horizons, 64(5), 659-671. Retrieved from: https://doi.org/10.1016/j.bushor.2021.02.022 [Retrieved on 14 May 2024]
Marquez-Tejon, J., Jimenez-Partearroyo, M., & Benito-Osorio, D. (2022). Security as a key contributor to organisational resilience: a bibliometric analysis of enterprise security risk management. Security Journal, 35(2), 600-627. Retrieved from: https://link.springer.com/content/pdf/10.1057/s41284-021-00292-4.pdf [Retrieved on 15 May 2024]
Pollini, A., Callari, T. C., Tedeschi, A., Ruscio, D., Save, L., Chiarugi, F., & Guerri, D. (2022). Leveraging human factors in cybersecurity: an integrated methodological approach. Cognition, Technology & Work, 24(2), 371-390. Retrieved from: https://link.springer.com/content/pdf/10.1007/s10111-021-00683-y.pdf [Retrieved on 14 May 2024]
Razikin, K., & Soewito, B. (2022). Cybersecurity decision support model to designing information technology security system based on risk analysis and cybersecurity framework. Egyptian Informatics Journal, 23(3), 383-404. Retrieved from: https://doi.org/10.1016/j.eij.2022.03.001 [Retrieved on 14 May 2024]
Rodríguez-Espíndola, O., Chowdhury, S., Dey, P. K., Albores, P., & Emrouznejad, A. (2022). Analysis of the adoption of emergent technologies for risk management in the era of digital manufacturing. Technological Forecasting and Social Change, 178, 121562. Retrieved from: https://doi.org/10.1016/j.techfore.2022.121562 [Retrieved on 15 May 2024]
Shaikh, F. A., & Siponen, M. (2023). Information security risk assessments following cybersecurity breaches: The mediating role of top management attention to cybersecurity. Computers & Security, 124, 102974. Retrieved from: https://doi.org/10.1016/j.cose.2022.102974 [Retrieved on 14 May 2024]
Slapni?ar, S., Vuko, T., ?ular, M., & Draš?ek, M. (2022). Effectiveness of cybersecurity audit. International Journal of Accounting Information Systems, 44, 100548. Retrieved from: https://doi.org/10.1016/j.accinf.2021.100548 [Retrieved on 14 May 2024]
Varga, S., Brynielsson, J., & Franke, U. (2021). Cyber-threat perception and risk management in the Swedish financial sector. Computers & security, 105, 102239. Retrieved from: https://doi.org/10.1016/j.cose.2021.102239 [Retrieved on 15 May 2024]
Wang, Z., & Liu, X. (2022). Cyber security of railway cyber-physical system (CPS)–A risk management methodology. Communications in Transportation Research, 2, 100078. Retrieved from: https://doi.org/10.1016/j.commtr.2022.100078 [Retrieved on 15 May 2024]
Would you like to schedule a callback?
Send us a message and we will get back to you
Highlights
Earn While You Learn With Us
Confidentiality Agreement
Money Back Guarantee
Live Expert Sessions
550+ Ph.D Experts
21 Step Quality Check
100% Quality
24*7 Live Help
On Time Delivery
Plagiarism-Free
81 Isla Avenue Glenroy, Mel, VIC, 3046 AU
