Data Breach At Equifax The Challenges And The New Cyber Threats Unb Assignment

2763 words - 12 pages

The world has become a global village, everything, everyone, and every business is now interrelated. Any firm that chooses to operate in isolation and not move with the trend is likely to fizzle out of business.
The emerging changes in technology today has brought about changes in the way businesses are been run. Prior to the emergence of the internet and the new innovation like the internet of things, artificial intelligence, data mining and cloud computing to mention but a few. Business owners were not prone to the kind of security threats that accompany operating business in today’s market.
Most businesses today operate E-commerce which is the business of buying and selling on the internet. Amazon, E-bay. Ali-express etc. are examples of big players in e-commerce. There are so many other smaller businesses that engage in E-business. Taking business away from the conventional open store system where people walk in and transact to online operations involves some risk which include but not limited to Credit card and debit card fraud , identity theft , unauthorized access to customer data which are issues in e-commerce business thereby hackers can hack into the merchant database obtain credit card records of unsuspecting customers to transact illegal business transaction thereby causing problems for firms transacting business in today’s market place .
Furthermore, the emergence of new technologies like the internet of things, big data, artificial intelligence, cryptocurrency, social media, and cloud computing has made firms and their numerous client vulnerable to threat. With internet-of-things, almost all products can be connected to the internet, and most of them can also be used for spying and other malicious activities which might affect firms security. (Madnick, S., Johnson, S. & Huang, K., 2019) These days, so many organization thrive on data with so many firms investing in big data. The situation wasn’t like this twenty years ago. Relevance has been attached to data nowadays, with many companies making fortunes dealing with data. This has made data theft a hotspot for hackers desperately looking for means to steal data from the data owners.
Due to globalization, some firms operate in many countries of the world with physical presence in some of these countries. As a result of this, firms operating across border need to have a centralized communication system that makes them share information across the border. (Durden, O., 2019). So many intellectual properties and business secrets are shared on these platforms which are susceptible to hacking either by competitors or general hackers. As a result of trying to operate in today’s market place, these firms have to allow their business information to be shared on the network as against the old way of having them in a centralized place thereby posing threats to firms....

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