In today’s global business environment, cyber security term is very common. As both business houses and individual people are continuously depending on Artificial Intelligence (AI) or machine technology, cyber security term is gradually being more used. This is because every day cyber-attack is happening to business houses and individual people. This is sometimes even happening without making the affected party being notified. The term Cyber Security can be referred to technologies and practices which are being used to avoid unauthorized attack on networks, programs, devices and data. In the present world, when information is being available more easily, the chances of occurring cyber-attack is very high. As people are getting more knowable about technology and practices and as people are now more technology oriented, the use of smart devices make it very easy to store valuable data (both personal and business). As a result, the data people are storing is actually becoming vulnerable to cyber-attack. The more information becomes readily available online, the more cyber-attackers become vigilant. In most of the cases, there are little suspects of getting cyber-attack. In such scenarios, individual people (general people) need to be very watchful about cyber-attack. In case of business organizations, the risk of occurring cyber-attack is more. As technologically advanced features are being used to increase customer size and business size, the business organizations are becoming more susceptible to cyber-attack. This is very precarious as these business organizations are in obligatory position to protect clients’ data as well as their own data.
In present time, small business houses can also be affected by cyber-attack and this can be very serious as these small business houses are not ready for a cyber-attack so they might not have effective protection against it. Smart technology is being used in everywhere starting from financial sector, military services, economical sectors, governmental sectors, agricultural sectors etc. In current situation even, the agricultural sector is not safe from cybercrime. The global food supply chain can also become targeted from hackers. Now a days, large firms use modern smart technology to have an efficient food supply chain around the world. These uses of modern smart technology can be exploited by hackers to disrupt the global food supply chain which could be very risky. The uses of automatic technology for firming can be issued to hacking. Global firms use automatic crop spraying machine, drone and other smart tools or machine for firming. These machines can be targeted by hackers to stop harvesting and disrupting production. Though use of these smart machines can help global firms to increase productivity by increasing efficiency but there is also chance of cyber-attack. Appropriate measures shall be taken by these global firms so that they are well protected against cybercrime though it might increase their production costs.
The use of FinTech in financial sector draws large scale of cybercrime. While offering the FinTech services to customers, financial institutions like bank and non-bank financial institutions are becoming target of cybercrime. When a business organization requires customers to provide sensitive information or data, it then undertake the responsibility to protect that information or data. As a result, the organization actually becomes target for cybercrime. In this case, business organization ought to provide cyber security. Banks operation costs are increasing essentially for avoiding cyber-attack. To provide security to the customers, they are being forced to invest more in cyber security. In absence of cyber security, their customers become vulnerable to cybercrime and this might lead them to failure. As cyber-attack has become more sophisticated because of Artificial Intelligence (AI), the business organizations are now in the stage of having much higher costs as they are required to invest more in providing cyber security. This situation is also affecting their profitability as the cost of operation is increasing day by day. At one point, financial institutions are desperate to get best security against cyber-attack, at another point, there are lots of software developers who are offering services with superior skills to provide cyber security. Globally, cryptocurrency is more frequently being discussed as it is expected to become more vibrant to cyber-attack in coming years as cryptocurrency and similar digital money tools hold enormous amount of money. Because of this, cryptocurrency and digital money forms are becoming more lucrative for cybercrime. Though law enforcers are trying to prevent cybercrime but the frequency of occurring cyber-attack is really worrying.
The use of technology should be easy and safe. Difficult digital services are not attractive to users. By wanting to make financial transaction easy and simple, customers might get themselves in risky positions where they might face huge loss. In today’s world, customers are sharing lots of personal data in different digital platforms which is making customers vulnerable. Financial services providers are expected to provide full protection against any kind of risky transaction. Banks are expected to invest more in cyber security in coming years as financial sectors are becoming more prone to use digital money concept. Their customers are also demanding to get digital services by using FinTech. To sustain in this competitive business environment, banks are bound to spend more in providing cyber security hence avoiding cybercrime. In coming years, banks will be faced by more challenged than ever as their costs of operations would get much higher. As a result, their profitability will be challenged and their competition in financial industry would also be increased. Not only banks, other business houses will be also expected to increase cyber security as without maintaining cyber security they might not be able to protect their businesses data. They might even face closing down of certain businesses where maintaining data is not possible. Hence, globally the importance of maintaining cyber security is increasing to keep smooth business operations. Clients are also being educated about cybercrime and cyber-attack. Law enforcers are also asking business houses to become aware of cybercrime. To sustain in this present era, individual person as well as business houses should be more careful about using technology, smart machines and other types of Artificial Intelligence (AI)
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About the writer: Ms Nusrat Nargis is presently working as Assistant Professor of Department of Business Administration, Daffodil International University, Bangladesh. She is currently doing PhD in Universiti Sains Islam Malaysia (USIM).