Cybersecurity and Cyber Attacks Overview. Information Systems and Controls ISC CPA exam

In this video, we cover an overview of cyber security and cyber attacks as covered on the Information Systems and Controls (ISC) CPA exam.
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Cybersecurity involves implementing a range of technologies, processes, and best practices to protect an organization's IT environment and sensitive information from malicious attacks. The primary objective of cybersecurity efforts is to manage risks associated with cyber threats, ensuring the confidentiality, integrity, and availability of data are maintained. When cyberattacks occur, they can lead to both financial and reputational damages, disrupting the organization's operations and its relationships with customers, partners, and suppliers. These incidents pose significant risks to both individuals and organizations, leading to concerns like data breaches, service interruptions, and regulatory noncompliance among senior executives responsible for IT governance.

Data Breaches
Data breaches happen when unauthorized parties access and use sensitive information. This can occur through various cyberattacks such as ransomware, where attackers encrypt data and demand payment for its release; phishing, involving deceptive emails to steal credentials; malware, malicious software designed to damage or gain unauthorized access; and compromised passwords, which occur when attackers obtain or decipher passwords to gain unauthorized access.

Example: Consider a retail company that suffers a data breach due to a phishing scam. An employee might inadvertently disclose login credentials by responding to a deceitful email. Attackers can then access the company's customer database, stealing personal information like credit card numbers, addresses, and phone numbers. This incident not only requires the company to invest in remediation efforts but also damages its reputation and customer trust.

Service Disruptions
Service disruptions refer to unexpected events that render a system or critical application unusable for an extended period. Causes include malware infections that corrupt files or systems, DDoS (Distributed Denial of Service) attacks that overwhelm servers with traffic causing them to crash, SQL injections that manipulate database queries to gain unauthorized access, and password attacks to breach systems.

Example: An online retailer experiences a DDoS attack during a major sales event. Hackers flood the website with excessive traffic, making it inaccessible to legitimate customers. This not only results in lost sales but also damages the retailer's brand reputation and customer loyalty.

Compliance Risk
Regulatory compliance involves adhering to laws and standards designed to protect data and privacy. Noncompliance can lead to legal penalties and fines. Regulations such as HIPAA (Health Insurance Portability and Accountability Act) for protecting health information, GDPR (General Data Protection Regulation) for data protection and privacy in the European Union, PCI-DSS (Payment Card Industry Data Security Standard) for secure card transactions, and ISO/IEC 27001 for information security management are critical for organizations to follow.

Example: A healthcare provider fails to comply with HIPAA regulations by inadequately securing patient data. An unauthorized disclosure of patient records occurs, leading to significant fines from regulatory bodies, potential lawsuits, and loss of trust among patients and partners.

To counter these threats, organizations must establish comprehensive cybersecurity programs that include continuous assessment and adaptation of their security measures. This proactive approach ensures defenses remain effective against the evolving landscape of cyber threats, safeguarding the organization's assets, reputation, and compliance with regulatory requirements.

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