Question

Briefly discuss the basic concerns about the added expense and need for cyber security and the "ransom" payments made by some businesses and your opinion of the strategic decision Apple made regarding cyber security.

Answer 1

With the advent of Digital Age, every business organisation is facing high threat from cyber criminals, and hence, needs to take appropriate measures to protect its systems from cyber attacks. All organisations, including public and private firms, are probable targets and there is an urgent need to rev up systems to protect against any threat.

Need for cyber security:

1. An organisation's seriousness about cybersecurity demonstrates its commitment to protect clients' data from all possible threats.
2. Reacting after the incident surely leads the organisation to path of bad reputation, and has high chances of losing its customers. Hence, it is always advised to make an added expense to defend your systems from any threats, early on.
3. Information wars is an emerging trend, and companies need to protect themselves from such threats.
4. With rapid developments in technology, a company's systems can remain vulnerable to new kinds of threats everday. Hence, it is imperative that companies have a strong and up-to-date cyber security system in place.
5. Modern lifestyle is increasingly dependent on Internet-of-things, which makes all technology offerings relating to modern lifestyle highly vulnerable to cyber threats. Hence, providers of such product/service should have tight arrangements in place to react to any event of cybercrime.

Ransomware has taken the world by storm in recent times, which encrypts the files on the attacked system. Business organisations are forced to pay a lot of money in ransom to decrypt those files. This is a big problem, and organisations, especially those deploying Blockchain Technology, need proper security systems in place. Security infrastructure and encryption systems need to be made more sound.

Strategic decision of Apple regarding cyber security:

Apple Inc. is an American multinational, engaged in manufacturing and selling of consumer electronics, and related softwares and other services. It is one of the most valued companies gloablly, and enjoys a very large market share.

The 2016 incident when Apple's Macbook was targeted by Ransomware was the first incident that brought Apple's focus to cybersecurity and brought the realisation, of the need for strong protection against possible threats. Also, increase in fake apps and bugs in iOS platform have made it even more important.

Hence, the CEO Tim Cook took to task to make every possible effort to provide superior protection to Apple users, by bringing in various partnerships with Allianz, Cisco etc.

Going with the insurance provider is a good move, because it covers the potential damage in case of a cyber attack, and protects the users from any losses that might accrue. Tying up with Cisco has helped Apple to build highly secure and more capable systems. Such systems are capable of protecting against both traditional and more complex threats. Such proactive move is definetely good for business.