Overview of Major Problems, Issues, Challenges, Trends and Solutions on Global Risk Management
What is Global Risk Management?
1 Global Risk Management involves managing serious threats and risks for global users of information that can be classified as personal or private, pertaining to either an individual or an entity such as a specific organization, corporation or government. Risk Management of information on a global scale is a major problem especially due to the frequent use and exchange of sensitive and confidential information on the Internet, corporate networks, intranets and extranets. This has resulted in major challenges for risk management controls and mechanisms in their attempts to mitigate the adverse effects of unauthorized access to electronic information. In addition, the following trends have added to the problem. The rapid rise in the number of Internet users, social networks, Web 2.0 software applications, customer contact forms, e-mailing services, online services, businesses, customer services and payment systems that are all conducted in real-time on the global Internet.
2 Furthermore, risk management challenges have been exacerbated by global transmission of confidential, personal, private, sensitive and highly sensitive data through global networks that interface with the Internet. These occur through transmission, redirection, sharing and storage of intellectual property, trade secrets, corporate, personal, private and sensitive information.
3 The transmission of information related to corporate assets, intellectual property and sensitive data constantly result in major challenges for managing risks of private, confidential and sensitive information on a global scale.
4 Risk Management faces significant and increasing problems in the emerging trends of the real-time transmission of confidential, private, personal and corporate, and sensitive data. This is especially due to the high volume traffic, which is too much for data stewards and administrators to review or analyze. Even when they are logged, they are often stored for specific duration and analyzed only during investigation of breaches.
5 More challenging issues include the problem that these private and highly sensitive traffic are subject to “man-in-the middle” attacks and subversions. This implies that hackers can intercept such data through eavesdropping, redirection or even take control of the applications and servers that communicate such sensitive information.
6 The challenges for risk management are global, and will only continue to increase since such personal and private information are constantly requested for all kinds of services globally, both online and offline, for various purposes including business transactions and identity verification.
7 Thus risk management will become more challenging as global networks and services increase that depend on, or, interface with the Internet backbone. The rise of online services also makes it more difficult to monitor and restrict sensitive information, private data and corporate asset information from spies and hackers.
8 A growing and greater threat is the problem of unethical administrators and internal users who are supposed to safeguard private, sensitive and corporate asset data. Instead, such personnel have sometimes been unscrupulous and misused such information for illegal activities.
9 We will examine these issues in various ways and provide strategic approaches and expert information for risk management on a global scale.
10 Furthermore, much of the risk exposures, threats, exploits and major significant vulnerabilities remain hidden until the hacker makes some mistakes or a major breach occurs. Global laws that mandate requirements for adequate risk control mechanisms largely serve as constraints on unauthorized activities. However, they do not necessarily enable the discovery, deterrence or prevention of major secret violations of sensitive and confidential information which are constantly used for unintended purposes. Such stealth illegal activities pose major threats to all users of global electronic information.
· We will explore these issues on Risk Management in more detail and provide strategic steps to discover whether your assets, intellectual property, confidential data, or highly sensitive information are being compromised. We will also present effective solutions to enable you to instinctively look for signs that suggest that such unauthorized activities may be taking place.
· Whether you are an online user, own a small business, or work in a multi-national corporation or global organization, or even if you have limited use of use digital data you cannot avoid facing this escalating problem of global risk management.
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