financial transactional information. 

 

You are the chief information officer (CIO) of your company. You are responsible for ensuring the information security of your organization through advising proper strategic requirements. Yesterday, a system alarm alerted the existence of unusual network traffic for the duration of 15 minutes toward couple of financial servers in your organization that hold financial transactional information.

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT\

As the Chief Information Officer (CIO) of an organization, information security is a top priority, as even the slightest breach in network security can have disastrous consequences for a company. Therefore, it is essential for CIOs to be well-informed of the necessary strategic requirements for comprehensive information security, as well as the steps they can take to mitigate any breach risks. Yesterday, an alarm alerted the existence of unusual network traffic for 15 minutes toward the organization’s financial servers, and it is crucial
Organizations face a wide range of cyber-security threats that are becoming increasingly difficult to protect against (Hina & Dominic, 2016). As these threats grow more sophisticated, it is becoming increasingly important for organizations to develop comprehensive information security strategies to ensure the safety and integrity of their data. Such strategies can help organizations detect and respond to cyber threats, implement controls to prevent unauthorized access, and protect critical systems and data from malicious attacks (Hina & Dominic, 2016). By having a comprehensive information security strategy in place, organizations can ensure that their data is secure and safe from any potential threats. Furthermore, such strategies can help organizations anticipate any potential threats, allowing them to take proactive measures to protect their data from any security breaches. As such, organizations must recognize the necessity of having a comprehensive information security strategy in place in order to protect their data and systems from potential cyber-attacks.
In the 2019 paper “Network Security Breach Risks: An Exploration of the Role of Chief Information Officers” by CQ Feng and T Wang, the authors identify several steps that Chief Information Officers (CIOs) can take to mitigate network security breach risks. First, they suggest that CIOs should build a risk-aware culture in their organization. This means that they should ensure that their employees are aware of the risks associated with their online activities and that they take the necessary steps to protect confidential information (Feng and Wang, 2019). Second, the authors recommend that CIOs should ensure that the organization’s IT infrastructure is secure. This includes regularly updating the software and hardware, as well as regularly running security tests and performing security audits (Feng and Wang, 2019). Third, the authors suggest that CIOs should use a “defense-in-depth” approach to network security. This means that the organization should have multiple layers of security in order to provide an adequate level of protection (Feng and Wang, 2019). Finally, CIOs should ensure that their organization has a disaster recovery plan in place in the event of a network security breach. This plan should include measures such as data backups, user access control, and encryption of confidential data (Feng and Wang, 2019). By taking these steps, CIOs can significantly reduce the risk of a network security breach and protect their organization’s confidential data.
Network traffic analysis is essential for financial data security in the digital age, as it allows organizations to identify and respond to unusual behavior (Hoffman et al., 1995). Unusual network traffic can be defined as any activity that deviates from the expected or normal pattern of communication. Such deviations can indicate malicious intent or simply be a result of human error. However, either way, they can cause serious security risks if left unchecked. To handle unusual network traffic situations and safeguard financial data, organizations must employ a multi-layered approach. This includes regularly monitoring network traffic, implementing strict access controls, deploying authentication and encryption measures, and using AI-based anomaly detection systems (Hoffman et al., 1995). Monitoring the network for suspicious activity is the first step to catching any malicious activity, as attacks are often detected through unusual traffic patterns. Access controls, such as firewalls, can also be used to prevent unauthorized access to the network. Authentication measures, such as two-factor authentication, can be used to ensure that only authorized users have access to sensitive data. Additionally, encryption can be used to protect sensitive information from being intercepted and read by unauthorized parties. Finally, AI-based anomaly detection systems can be used to identify any unusual network traffic and alert the organization to any potential security threats (Hoffman et al., 1995). By using a combination of these approaches, organizations can effectively detect, mitigate, and prevent any unusual network traffic situations that may arise.
As CIO, it is my responsibility to ensure the safety and security of our organization’s information and systems. By having proper strategic requirements in place, we have been able to detect and address any potential issues before they become detrimental to our organization. This is exemplified clearly in the recent system alarm, whereby our network traffic surveillance detected and alerted us to unusual network traffic targeting our financial servers. Although the incident was only active for 15 minutes, it highlights the necessity of having appropriate systems in place alongside the importance of keeping them regularly maintained and updated.
Work Cited
S Hina., DD Dominic.”Information security policies: Investigation of compliance in universities.”https://ieeexplore.ieee.org/abstract/document/7783277/
DL Hoffman., TP Novak.”Commercial scenarios for the web: opportunities and challenges.”https://academic.oup.com/jcmc/article-abstract/1/3/JCMC136/4584317
CQ Feng., T Wang.”Does CIO risk appetite matter? Evidence from information security breach incidents.”https://www.sciencedirect.com/science/article
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