Cyber and Information Security
Cyber and information security is one of the most pressing challenges confronting individuals, corporations, and the government as a whole in 2016. According to Bruce Schneier, a security expert, the two primary concerns are the hacking of the Democratic National Committee during the recent elections and the Internet of Things malware threats (Grachis, 2017).
The Internet of Things
The Internet of Things refers to the interconnection of objects that communicate with one another in an automated manner to assist make human lives more efficient. As technology advances, these challenges may appear trivial since individuals and businesses are attempting to bring the entire Internet down (Brewster, 2014).
As this happens, the integrity of the technology information equipment is and will continually become compromised. As such, due to the multiple attacks that happened in 2016 which even impacted the national election in U.S through Internet of things leading to data breach, I agree with Bruce Schneier that there is need for measures to be taken to step up security because technology empowers attackers which pave way for them to become more destructive than ever before. It means that as technology evolve the practices and process designed to protect, programs, computers and data attacks become ineffective allowing unauthorized access (Grachis, 2017). The issue is exacerbated by the extensive interconnectivity of gadgets: fridges, automobiles, smartphones and computers among others.
Cyber Risk Challenges
Although my friends and I are not involved in cybersecurity matters, Internet of Things is used to relay annoying emails that can then be used hacked a device in the network. Most individuals and organizations are grappling with cyber risk challenges posed by such connectivity as more sensitive data is being shared (Bailey & Becker, 2016). As an outcome, the risk becomes exponentially bigger.
Fear of Internet of Things
As such, it is safe to contend that personal or organizational information cannot be considered safe. Homes, vehicles, and organizations can be hacked, and important data were stolen by attacked. Therefore, there is a reason to be fearful of the Internet of Things, a network of embedded devices (Bailey & Becker, 2016). Attackers develop Javascript interface code which they use to take advantage of the weakness of the network or systems of the interlinked devices.
Assignment 2: The Savings and Loans Hold Up
The 1980s was a period when United States economy suffered financial crisis that affected the nation's saving and loan industry. Almost two-thirds of the organizations in the country went out of business because of they faced bankruptcy that arose from fraudulent activities. It is estimated that the crisis resulted in approximately 160 billion dollars. According to the United States Accounting Office, the bankruptcies led to systematic as well as massive misappropriations carried out from the saving associations by senior executives which at times in association with gangland group members (Federal Reserve History, 2017).
Rise in Interest Rates and Inflation
Further, the interest rates, as well as inflation, rose abruptly in the late 1970s and 1980s which led to problems in the saving and loan industry. Partly, this was due to breach conducted by Local Mafias. At the same time, there was increased a number of loans offered at significantly reduced rates. These were given to friends at flexible conditions and huge losses made were not accounted for leading to colossal fraudulence (Federal Reserve History, 2017). The vast number of the ill-gotten money was raked into fraudsters, which were then put into tax havens leading to the collapse of the United States construction market that saw a fall from 1.8 million to 1 million between 1986 and 1991.
References
Bailey, A. & Becker, D., (2016). Reflecting On 2016: The Year in Cybersecurity. Wbur.org. Retrieved 6 January 2017, from http://www.wbur.org/radioboston/2016/12/27/2016-review-cyber
Brewster, T., (2014). There are real and present dangers around the Internet of Things. The Guardian. Retrieved 6 January 2017, from https://www.theguardian.com/technology/2014/mar/20/internet-of-things-security-dangers
Federal Reserve History. (2017). Savings and Loan Crisis - A detailed essay on an important event in the history of the Federal Reserve. Federalreservehistory.org. Retrieved 6 January 2017, from http://www.federalreservehistory.org/Events/DetailView/42
Grachis, G. (2017). 2016: A reflection of the year in cybercrime. CSO Online. Retrieved 6 January 2017, from http://www.csoonline.com/article/3146807/compliance/2016-a-reflection-of-the-year-in-cybercrime.html
Grachis, G., (2017). Reflecting On 2016: The Year in Cybersecurity. Wbur.org. Retrieved 6 January 2017, from http://www.wbur.org/radioboston/2016/12/27/2016-review-cyber
