This assessment will cover following questions:
- Evaluate risk identified in the security second version.
- Software security with the advantages and disadvantages.
- Explain the business continuity program with the recovery plan.
Security is defined as protection of of a place, organization, assets from external as well as internal threats. Also it is ensured that people having permission to access or enter in it. In view of information technology, it is an act of defence of non-physical assets and digital information. For discussion aspects of security, Carlbom Shipping limited has been taken which was incorporated in 1967.
In this report, risk assessment of different assets have been done. Along with this, physical security solutions, software security solutions and limitations are discussed (Fernandez-Buglioni, 2013). Thereafter, business continuity and disaster recovery plan has been made for company.
1. Risks identified in the scenario
According to scenario that has been created, shipping company operating in UK that has been chosen for analysis is Carlbom Shipping limited. Threats that can cause harm in international market are also ascertained. Email and task list has been made for proper planning in given scenario (Pathan, 2016). Assets of Carlbom Shipping limited which needs to be protect and risks related with them are presented in a table given below:
|List of assets||Type of risks|
|Cash and cash equivalents refers to assets that can be easily converted into cash, it includes currency, cheques, savings account etc.||Credit or default risk is risk associated with borrower that does not have ability to pay for principal as well as interest amount on time. This risk is mainly related with corporate bonds.|
|Marketable securities are financial instruments such as equity, debts, bonds, stocks which are redeemable within one year. These are short-term instruments.||Country risk is that risk which affects whole country when it does not met its financial commitments. Default by a country impacts performance of other financial instruments. This risk is regarding mutual funds, stocks.|
|Prepaid expenses are the expenses which are paid in advance but not yet been reported in financial statements.||Foreign exchange risk refers to that risk related to investment in other foreign countries. There is constant change in exchange rates of currency which indirectly affects price of asset.|
|Accounts receivable is said to be balance amount which is due from customers to whom goods and services are being delivered.||Interest rate risk refers to risk which affects value of investment according to change in interest rate level. When interest rate increases, prices of bonds decreases and vice-versa.|
|Inventory is a term used for goods at various stages on being ready for selling. Stages are raw materials, finished goods and work-in-progress.||Market rate risk that effects value of investment due to fluctuations in market, economic development, and inflation level.|
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2. Physical security solutions and limitations
In physical security solutions including integration of system to protect persons, goods and information and core component technologies indispensable to physical security are provide (.Rong, Nguyen and Jaatun, 2013). with the help of physical security protect Carlbom Shipping limited from increasing number of physical security threats.
|List of assets||Type of risks||Physical Security Solutions|
|Cash and cash equivalents||Credit or default risk||Maintain proper cash register because during the business day and transferred to secure cash handling area/vault. It will reducing credit risk by payment cash and unregistered transactions.|
|Marketable securities||Country risk||Hardware is used for physical security solutions such as Pen drives, computer system which stores data are protected by user itself. Prices of these fluctuates with time so these needs to be protected from market factors.|
|Prepaid expenses||Foreign exchange risk||Prepaid expenses are uncertain in nature as these are paid in advance for goods and services that are not even reported or recognized. Thus, there should be proper record should be maintain in stock register (Venkatasubramanian and et. al., 2013).|
|Accounts receivable||Interest rate risk||Sometimes, customers does not pay outstanding balance of their purchases. So, it creates undue burden on Carlbom Shipping limited in the form of bad debts. Customer data should be maintained in system as well as in stock register. But often, in stock register entries are entered twice due to lack of concentration of person that maintains stock register.|
|Inventory||Market rate risk||Inventories or assets are important assets of Carlbom Shipping limited which are needs to be protected against waste of unused stock or raw material, scrap remains after production, lengthy processes. Inventory management system should be prepared for stock valuation. Warehouses should also be maintained according to different inventory holding approaches.|
Limitations of Physical Security solutions: Physical security solutions are important but some demerits are also attached to them. For instance, stock register is maintained by accountant who can misappropriate them and also errors or mistakes can occur due to unconsciousness. Sometimes, problems caused in hardware in relation with security passwords.
3. Software security solutions and limitations
Software security solutions refers to software that are used for providing safety to network or system (Schumacher and et. al., 2013). Software security solutions for assets in given scenario of Carlbom Shipping limited are provided in table below:
|Assets||Risks||Software security solutions|
|Cash and cash equivalents||Credit or default risk||Cloud networking can be said as an important solution of managing data related to cash and cash equivalents. As in this high level of services are provides network interconnectivity.|
|Marketable securities||Country risk||Antivirus software is used in this for protecting data that is transferred from one country to another. As sometimes data corrupts in midway while transferring.|
|Prepaid expenses||Foreign exchange risk||Encryption software is also utilized for preventing from unauthorized access that can cause harm to digital information. Encryption of file, network, data is secured from unauthorized users.|
|Accounts receivable||Interest rate risk||Firewall software assists in blocking viruses, hackers and worms from computer system so that network remains safe as well as protected.|
|Inventory||Market rate risk||Spyware removal software helps in protecting against different types of malware and spyware. It cleans system through multi-layered threat protection.|
Limitations of software security solutions are that these are signature based, lack of scalability, concentrates on compliance, threat from cyber attackers, difficult to manage etc.
4. Business continuity and disaster recovery plan
|Cash and cash equivalents||Credit or default risk||ISACA|
|Marketable securities||Country risk||Prospero software|
|Prepaid expenses||Foreign exchange risk||Vantage Software|
|Accounts receivable||Interest rate risk||Zoho Invoice 8.8|
|Inventory||Market rate risk||Zoho Inventory management system 4.6|
Assets of given scenario are cash and cash equivalents, Inventory, marketable securities, prepaid expenses and accounts receivable needs to be managed to cop up with bad things. Ways of recovery from these bad things should be prepared in advance. This is done because of smooth business continuation. Email and task list should be made according to which reaction on risks, disasters or uncertainties can be given (Disaster recovery plan, 2018). It refers to plan that is documented to respond to unplanned incidents. Recovery strategies for such kind of issues are made keeping in mind these factors, budgets, resources (people and physical), position of risk, technology, data, suppliers. Strategies for disaster recovery plan are resuming mission critical functions, analysing business processes, risk analysis, business impact analysis, recovery point objective. These strategies should begin at business level and determining crucial elements. Also these needs to be aligned in a manner so that business goals and objectives can be achieved.
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As per the above report it is summarised that security of data and assets risk assessment considered important in organisational context to preserve the rights of ownership and control on assets. This report conclude the concept of risk identified in the scenario that covers the risk needs with arguments. Physical security solutions and limitations summarises the assets management by manual methods and risk assessments. It is reckoned that business continuity and disaster recovery plan also concluded in this report with connective assessed risks. Sustainability of business plan alos helps in considering the changes with viable sections.
Books and Journals
- Fernandez-Buglioni, E., 2013. Security patterns in practice: designing secure architectures using software patterns. John Wiley & Sons.
- Pathan, A. S. K. ed., 2016. Security of self-organizing networks: MANET, WSN, WMN, VANET. CRC press.
- Rong, C., Nguyen, S. T. and Jaatun, M. G., 2013. Beyond lightning: A survey on security challenges in cloud computing. Computers & Electrical Engineering. 39(1). pp.47-54.
- Schumacher, M., and et. al., 2013. Security Patterns: Integrating security and systems engineering. John Wiley & Sons.
- Venkatasubramanian, K. K., and et. al., 2013. Cyber physical security solutions for pervasive health monitoring systems. In User-Driven Healthcare: Concepts, Methodologies, Tools, and Applications (pp. 447-465). IGI Global.