Unit 1 LO3
3.1: Explain why security and confidentiality are important in a business environment?
Code Spaces is an online company that operates on Amazon.com. Security and privacy are very important in its business environment (Code Spaces, 2018). According to Code Spaces (2018), the security of Code Spaces is found in many forms, such as the entrance or close proximity or a security guard securely. Code Spaces ensures security by setting up advanced technologies, providing badges with access to photo identification for each employee, and internal and external cameras to monitor activity.
According to Bourgeois and David (2017), it is very important to keep Code Spaces’s information safe and secure against possible threats: theft, espionage, and accidental/damaging remedies. Security guard in Code Spaces is often against a safety that can suppress criminals on business targets. Code Spaces’ strong security maintenance often reduces the chances of threat. Security in Code Spaces is also important because it can reassure employees and feel comfortable with additional security while accessing and exiting this facility.
Security is also important for communication methods (Code Spaces, 2018). For example, Telescope has installed intercom computer systems and has backup systems, such as two-radio radio, when the employees contact for phone failures. Safe and secure cabinets can protect confidential documents and client files from untraced visitors in Code Spaces. In addition, for the purpose of shredding confidential information and high-security papers, there is a place to reduce the risk of identity theft or the company’s financial risk (Workspirited, 2018).
On the other hand, privacy and confidentiality are also essential for Code Spaces to meet its organizational goals. In Code Spaces, it is important to maintain confidentiality in order to comply with moral and legal rules. Almost all levels require Code Spaces business, maintaining the confidentiality of sensitive information. Code Spaces protects employees, clients, and protected information secure and secure information. Protecting confidentiality helps keep information from unethical hands (Code Spaces, 2018). An employee who enjoys important information about a competitor, he can weaken a company. Many people unknowingly sign their confidentiality and confidentiality rights when they get access to the Code Spaces website, in such a way that abuse of personal information, customers, employees, and other clients will have to keep Code Spaces confidential.
Encourage the staff and other business partners; Code Spaces has a way of protecting privacy. It is usually achieved by incorporating a privacy agreement under the policies of the organization. Why it matters is that some employees and stakeholders may publish information that could be found guilty or see people in a discriminatory way. Another reason that privacy is important is that it helps keep Code Spaces united by maintaining fine information. If all employees knew more details about their colleagues, then it would be difficult to combine them.
This is especially true in Code Spaces where people can have different opinions, opinions, sex, or cultural trends. According to Security Matters (2016), Confidentiality prevents criminal activity by protecting information that makes it easy for contaminated people to take advantage of a separate or situation that information is disclosed by a person’s personal information, such as finance, can be easily used for fraudulent activities, which is important to keep it confidential.
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3.2: Explain the possible consequences of failing to maintain security and confidentiality in line with requirements.
Failing to maintain security and confidentiality in line with requirements may affect Code Spaces in different ways. According to Security Matters (2016), the business records, personal information, and company data; and the business’s reputation dangle on the edge of devastation. Many times, businesses can suffer not only the financial devastations caused by security breaches, but they suffer the loss of consumer confidence. Both areas equally devastating and determine whether a business can recover. The study disclosed that every two seconds, a person became a victim of identity theft in 2013 (Security Matters, 2016).
According to a 2013 Ponemon Institute research report, German and US companies have the most expensive security breaches: $194 in 2011 and $188 in 2012 per each record compromised. The United States is second only to Australia for the number for the average number of breached records. The average number is 28,765 per year. The US leads in the average total cost of data breaches with a $5,403,644 per capita price tag. The top five industries that typically suffer the most frequent and expensive breaches are as follows: healthcare, financial, pharmaceuticals, transportation, and communications. More than one-third of attacks are on businesses with fewer than 250 employees (Prooncall, 2014).
According to SC Magazine, Code Spaces, a former SaaS provider, is one of nearly 60% of small businesses that fail within six months of being hacked. The company was accessed via its Amazon Elastic Compute Cloud control panel. The hackers erased data, backups, offsite backups, and machine configurations before attempting to extort the business by claiming a “large fee” would resolve their issues. Code Spaces took steps to change all of its passwords, but the damage was done. The criminal had already created backup logins. Code Spaces was unable to continue operations as it acknowledged that the company had suffered debilitating damages to both its finances and reputation (Code Spaces, 2018).
In addition, consumers may leave scrambling for new providers and services. It may take only a few weeks for the vendor to transform from business as usual to demanding customers to remove their data quickly and with little notice. Then, information breaches by the ex-employees may also cause serious damage to a business. For example, MyBizHomepage, the online company, was once valued at $100 million, but when the chief executive fired the chief technology officer and two other senior officers, who did not agree with the owner’s decision not to sell the company, the trio launched a revenge attack that crippled the site. After the company spent over $1 million in an attempt to resolve the breach, the company’s board decided to take the site down because it had been rendered useless (Work Spirited, 2018).