Question A and B require coherent. Therefore, Q(a) is stated the nature and trend, what the trend in the past, and today the trend is… so past method is not useful nowadays. Then Q(b), we find a management framework from a company or scholar we think it won’t work, and criticize them but NO need to provide solution.
a. Stated the overall trend in recent years of the cyber security environment with data and stats to support (Nature of risk is keep changing, trends, drivers, implications). Also, explain why the environment was change. Ransomware trend is keep changing. E.g. In the past, the attack were come from email or telephone. But now the environment change, as technology develop, now there more people willing to join cyber attack. They can use ransomware to lock the data and use crypto which is difficult to trace and more easy to get lots of money. And ransomware already occupied 1% of global GDP so more hackers are interested on the pool. So, in the past, company may not concerned about cyber security as they may pay ransom themselves (assume 10k), but now they cannot (100k), so what effort do those company spend on cyber attack prevention. All these need to use data, stats or actual example to support our view
b. Teacher mainly require us to find a management framework from a listed company or a scholar, then we need to criticize their framework on risk management process (prefer Ransomware process and must be Negative and using ERM to criticize). How bad effectiveness of their framework? How they process when they meet ransomware? What measure step they will take? Must find the bad part and criticize the framework but no need to provide solution.
For example, because some company may just simply using one approach, without ERM, they won’t know how the ransomware affect such as financing and marketing. Or their operation risk manage is bad when they get ransomware. They don’t outsource their customer hotline so their hotline cannot afford huge amount customer call in the same time. ERM encourage to use Quantitative Approach. Must write ERM to criticize the management framework we find.
For example, those 3 reading previously attached, they are simply using IT approach to face ransomware, they do not use ERM approach, which affect their finance, mkt, reputation, etc.
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