Surviving in Dubai as a Business Requires SeriousnessTowards Information Security

In today’s fast advancing world where there is a high rate of advancement in the field of technology and simultaneously giving rise to data theft and information insecurity, it is mandatory for organizations to keep their information secure from data theft and privacy concerns of their business. This is mainly because the stakeholders of the business such as vendors, shareholders, employees, customers, etc. require the information security of the business. With Dubai in specific and world in general, the need of cyber security is at its peak.

The absence of proper cyber security, Infrastructure in the organization can make it prone to multiple types of hazards such as losses being channelled in the bucket of fraud cases. For e.g. the average white collar frauds in 2012 were $140,000. Evidences prove that half of the victims of such frauds never succeed in the Bourn losses. Hence, with the inclusion of strengthened IS in an organization, it can avail the following benefits.

• Risk reduction to a satisfactory level that the stakeholders are convinced to keep their links with the business.
• The objectives of Enterprise, Organization and the Internet Security platform are all merged strategically.
• Since the business is tagged as Secure, in Dubai it attains Business value and invites higher investments in comparison to what an unsecured business does.
• This way, the business captures an upper hand in the market share of Dubai and hence also succeed in Market capitalization.

Information Security (IS), if needs to be implemented as per the requirements, then there is need of focus to be paid upon intelligent decision making. Only then the outcomes mentioned above and more will start to pop out in favour of the business. Therefore the business should see its management’s performance too.

The online security process should seek to be effective in attaining the following for the business:

1. Concealment: The information shouldn’t be available to every Tom, Dick and Harry. Rather, it should be concealed and only accessible by the authorized personnel of the business which ensures the complete confidentiality and concealment of the business. This way the risk of data leakage will be minimized to a significant extent.
2.  Reliability: The information should be kept safe from any kind of vague amendments which may make it fraudulent or despoiled or altered. The IS department must take measures to protect the information from unintentional or voluntarily made changes. This will ensure the reliability of the business and prove to be very helpful in 360 degree reliability of the information as the information available will be modification free to a vast extent.
3. Accessibility: Information must be kept available to authorized personnel so they can access I wherever and whenever they need it only through a secure platform.

Dubai is a multicultural city, with people from multiple ethnicities and it is never easy to count upon anyone because one doesn’t simply carries the ability to judge which person from which ethnic background would be intelligent enough to do information theft and there is a significant disparity observed in this ability from one ethnicity to the other. Hence, Information Security should be dealt seriously in Dubai without which it won’t be possible to survive in such a competitive market.

Why a Company Must Deploy Superior Security Practices?

In today’s political, social and economic world where everything is connected to some kind of technology, customers are demanding the security of their information as with technology advancement the concern about privacy and identity theft rises. Business stakeholders are requiring security from one and another, especially when they are utilizing one mutual network and share same information. In fact, national and international regulators are asking enterprises to prove that they obey privacy laws and are into implementing high-end security measures.

In addition to that in July 2012, the Association of Certified Fraud Examiners released their 7th report on Occupational Fraud and Abuse. The report was based on more than 1,300 cases of occupational frauds in nearly 100 countries, provided by certified fraud investigators. The findings of the report were eye-popping. Here we are sharing some of the facts from the horrifying report.

• The examined organization loses 5% of its revenue to fraud every year.
• The median loss caused by frauds was estimated at $140,000.
• More than one-fifth of the observed companies was facing loss of at least $1 million.
• Billing schemes and corruption pose the greatest risks to organizations.
• More than 50% of victim organizations do not recover any loss caused by frauds.

Why do we need proper Information security? To survive in such competent business world, it is really important to protect confidential data and business processed information. There is a need of superior information security practices that must be designed to capture system vulnerabilities on time and make a system proactive against security threats and risks.

Superior security information requires a combination of smart decisions and intelligent security strategies. Big budgets to implement new technologies are not enough to stop or control the growing rate of frauds and thefts. To implement security practices, it is really important to know when and how to implement complex security measures. It is really important to know that almost every company use a different setup and they have different requirements which can make designing security a completely difficult task and most of the time professionals are needed for this.

Benefits:

Here are five important outcomes that can be expected after implementing effective security governance.

• Reduce risks to an acceptable level.
• Strategic alignment of security practices with company’s ongoing strategies and objectives.
• Boost company’s market share by enhancing its reputation for safeguarding information.
• Business value increased through the optimization of security investments with the company’s goals.
• Efficient utilization of security investments to fit in company’s budget constraint.

It is really important for an enterprise to align their internal structure with security practices; it will help in eradicating internal information security risks. According to the survey report many companies in the Dubai started outsourcing security service providers to cut down costs without compromising the quality of service. Deployment of security strategies takes time and effort and unlike other fields it needs continuous surveillance.