Technology has Become a Need in the Contemporary World - Management Assignment Help

Assignment Task:

Task:

Introduction
Technology has become a need in the contemporary world. While the response to technology has been typically positive, not everybody decides that it has been totally helpful to society. Further, it has brought society a lot of advancements in contemporary times (Nowi?ski and Kozma 2017). Risk management has its unique bases in the insurance sector in the US for the past numerous years. It can be said that risk management has risen to be an essential weapon in the management’s resource to handle routine businesses in a bid to get an effective risk-taking approach. Furthermore, it is noteworthy that risk management has featured in the agendas of companies in the corporate context. The optimization of SC (supply chains), more company interdependence encouraged by the emergence of lean manufacturing, and the development of international supply channels have enlarged businesses’ exposure to diverse forms of uncertainties and thus to higher risks (Di Serio, de Oliveira and Siegert Schuch 2011). There is no doubt to say that an increasing number of financial companies are becoming the target of cybercrimes. The rising threat of such criminal activities internationally needs all workers of a company to become acquaint with cybersecurity risks and their measures.

Background and Research Problem

There is no doubt that cyber risks have evolved as a major threat to financial stability following the current attacks on financial organizations. Cyber risks are referred to as the operational risks to IT (information technology) resources that have concerns affecting the privacy, accessibility, or reliability of information or IS (information systems). Besides, it refers to the type of risk that entails any unpredicted technological disaster of the IT substructure of a business or any cyber- attack directing such substructure that results in likely financial losses and ruined brand equity (Lezzi, Lazoi and Corallo 2018).

Such attacks include the following attacks or risks:

•  Data breaches: that acquired illegal access to client account information.
•   Denial of service attacks: that tried to disturb service to consumers.
•  Malicious software risks on client systems: that tried to enable illegal entry to bank’s systems under the appearance of a client and the extraction of client information.
   

Research Objectives
The research objectives for this study will be as follows:

•  To understand the meaning of cyber-security risks
•  To study the cyber-security risk in regards to the financial sector
•  To explore the cyber-security risks facing Citigroup Inc.
•  To know the reasons behind such risks in the banking sector of the United States

Literature Review
Cybercrime
The usage and reliance on ICT (information and communication technology) has been a driving force in society. It can be said that a rising number of procedures are entirely reliant on ICT. There is no doubt to say that it can refine the individual and corporate performance however when it is used for malicious motives, it can pose massive threats to people, businesses, and the community (Zheng et al. 2018).

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