Telstra Corporation Management of Cybersecurity Threats
Executive summary
The technological space is highly volatile in the contemporary world, which presents a serious challenge to all businesses in terms of cybersecurity threats. Business processes, systems, and procedures largely depend on technology, especially individual companies operating within the telecommunication industry like Telstra Corporation limited. Telstra Corporation Limited is one of the telecommunication giants in the Australian telecommunication industry. The core values that govern the organization include togetherness, care, courage, simplicity, and trust.
Some of the cybersecurity risk the organization faces include ransomware, phishing, and data breaches. Ransomware involves malicious software used by cybercriminals to block access to an organization’s data or computer system for financial gains. Phishing as a cybersecurity threat is the act of sending fraudulent communication that seems to originate from a reputable source to gain access to login information or credit card information and any other sensitive data by relying on human impulse and curiosity. A data breach is a cybersecurity concern in which unauthorized individuals access information stored in an organization’s database and system. In managing these individual cyber threats, there are different risk management strategies that Telstra Corporation can deploy to manage these risks. These include transfer, which involves insurance, avoidance, and reduction risk management strategies.
The development of enterprise risk management (ERM) has been a great revelation to businesses as it advocates for risk management from the corporate level by forging a risk management culture within an organization. This means organizations do implement robust policies and systems to curb cybersecurity risks. However, cybercriminals still target employee negligence and errors to gain access to organization system, something which calls for regular training and investment in research and development in matters relating to cybersecurity threats, as witnessed in Telstra Corporation.