Red Clay Renovations is a thriving and profitable organization with the potential to grow expeditiously in the near future. With state of the art smart home technology and groundbreaking architecture designs; the future is bright for employees, staff, executives and shareholders. With that been said, we must begin to understand and protect against the biggest threat to the organization. The threat and reality of cyber attacks on organizations date and network infrastructure is on the rise. Overall, companies have seen a 350% increase in ransomware attacks, a 250% increase in spoofing or business email compromise (BEC) attacks and a 70% increase in spear-phishing attacks in 2018 and 2018 (Garret, 2018). The risk and potential impact of a successful cyber attack on the organization can be detrimental on the future growth of the company.
Cyber attacks can affect our business in unlimited ways and cost the company an extraordinary amounts of money to resolve, investigate and implement damage control to our organization reputation. According to CIO, in 2017 the average cost of cybercrime globally climbed to 11.7 million per organization; that’s a 23 percent increase from the 9.5 million reported in 2016, and a whopping 62 percent rise in the last five years (Wilczek, 2017). The signs are pointing to an increase in cyber attacks and a increase in the scale and sophistication of the attacks. With that being said, it will take years to recover the lost revenue if ever affected by a cyber attack and it would take even longer to recover the lost trust from current and future customers. The reason why cyber-attacks can be so damaging to a company’s reputation is that the damage is not contained to the company itself; they also expose customers to the danger of identity theft or financial losses (The Economist, 2016).
The disruption to the organization’s computer systems caused by a cyber attack can be endless. The most common cyber attacks on organizations are Malware, Ransomware, Phishing, Man-in-the-Middle, Denial of service (DoS), SQL Injection, Zero Day Exploit and also insider threats. DoS has many ways of carrying out it’s methods; for instance, there is Smurf Attacks, SYN Floods attacks and Distributed Denial of Service Attack (DDoS) that fall under DoS attacks. When a DoS attack occurs, users are unable to access information systems, devices, or other network resources. Services affected may include email, websites, online accounts, banking, or other services that rely on the affected computer or networks (Department of Homeland Security, 2018). The operations conducted on a day to day bases will come to an immediate halt!
Red Clay’s smart home technology is a success and is generating revenue for the organization. As smart home technology begins to make it the marketplace, many home security, surveillance and control functions will now be exposed to the Internet through Smart Home gateways and management systems (Grau, n.d). Red Clay is vulnerable, exposed, and liable for third party equipment installed in residents smart home if it fails to effectively secure their residents. Once installed, the devices cannot be upgraded to add security fixes unless the device manufacturer provides the upgrades which Red Clay has no control over. Additionally, the residents cannot buy security software from another vendor and install it on the devices. Any successful breach of the third party security technology will undoubtedly affect current and future business in that area.
With every organization there are problem that can and will occur that will affect operations; getting ahead with solutions to solve those possible problems is the goal. With the use of technology growing and becoming apart of everyone’s personal and professional lives, protection is paramount. There is no one size fit all solution for cyber attacks, network failures and financial liability for failing to render adequate services. But, to solution to the problems are out there and Red Clay Renovation will search aggressively to find the.