Impacts_of_Cyber_Technological_Trends_and_Digital_Economics_on_Small_&_Medium_Size_Industries

Abstract This paper seeks to explore the impacts of Cyber Technological trends and Digital Economics on small and medium size industries. Another aspect covered by the paper is assessing the technological challenges faced by the industries, and how developments are being undertaken to overcome these. The ability of organizations to cope with Cyber security issues and strategies being incorporated by the businesses to use information technology as a medium to increase economic welfare. The paper also addresses the pros and cons of electronic commerce and recent developments in Information technology and its impact on the consumer behavior and global economy. Concept Since technology plays a vital role in the growth and development of a business, the risk is growing with the increasing use of insecure Cyber technology. Organizations are not only facing threats from the outside hackers but stakeholders can also bring risk through mishandling of information and corruption. Nowadays businesses are facing issues from well-organized cyber criminals who tend to steal personal and corporate financial information which leads towards damaging company’s brand image and reputation. For any business to succeed, they need to make sure the secure use of Cyber Technology and electronic commerce. Although security is not a new concern for IT but ability to manage and protect enterprise across resources has changed. Sound security processes needs to be used in day-to-day business operations. The value of security has tremendously increased and it demands to set new business and IT priorities to protect existing as well as potential business. The first objective is to identify the data that is valuable for an organization and than protecting that data from cyber criminals by implementing effective cyber security procedures. The need to implement these procedures is not only important for large scale business organizations but this is also considered essential for small and medium size industries in today’s economic environment. Small businesses have effected on a large scale because cyber security threats have multiplied and become more complex. Objectives The aims of this paper are: To identify the cyber security threats and risks which small and medium size industries are facing at the moment and implementation of strategies to effectively utilize security related processes to minimize those threats; Issues in conducting research on cyber security information assurance; and To evaluate the challenges and opportunities that exist for electronic businesses, and how they can be overcome through developments in Information technology. Methodology According to University Research Council, “Research is any original and systematic investigation undertaken in order to increase knowledge and understanding and to establish facts and principles. It comprises the creation of ideas and generation of knowledge that lead to new and substantial improved insights and the development of new materials, devices, products and processes. It should have the potential to produce results that are sufficiently relevant to increase knowledge. Good reflective inquiry produces theories and hypotheses and benefits any intellectual attempt to analyze facts and phenomena. This search for individual facts or data requires an open-ended question for which there is no ready answer. Data are gathered through experiments, surveys or other methodologies”. According to Saunders et al (2007:610), research is defined as “the systematic collection and interpretation of information with a clear purpose, to find things out”. When conducting research, there are two approaches that can be used: Quantitative and Qualitative. Quantitative research methods usually involve large randomized samples, more application of statistical, and few applications of cases demonstrating findings (Saunders et al, 2007). The objective of quantitative research is to determine the covariance or relationship factor between two variables or entities. Qualitative research methods focus on providing a complete picture of the situation with the aim of understanding of behavior and inter-relations (Saunders et al, 2007). For this study, the writer has chosen to go with quantitative research to accurately collect the data as it allows for clear objectives to be defined for research, eases the data comparison process, and allows for a quick and cheap way to collect information. The research for this paper was conducted through literature review, without any empirical work being conducted. A large resource of written material was used, which included books, magazine articles, academic journals, as well as the websites of various companies. Further research was conducted by considering existing literature on measuring the economic benefits from information technology, emphasizing comparative issues and user studies. The research also focuses on the cyber security issues which organizations are facing in the daily business operations and suggests measures to over come these issues. Further growth in the economy due to wide use of electronic commerce have also discussed. Introduction In the global business world, technology have become an important aspect of success for companies, the productive functions of electronic commerce and wide use of trading on Internet have increased cyber threats for the organizations. Large corporations have taken the active step of investing heavily into cyber technology but small and medium size businesses are still relying on the traditional processes due to budget constraints. Lack of proper IT infrastructure leads towards cyber security issues and effects organizational growth and development in the long run. A single individual anywhere in the world can try to penetrate systems containing important financial and corporate information of the organization. Hackers are inventing tools on daily basis to exploit the loops holes in the weak IT infrastructures. Cyber security has also gained importance after the Anti-money laundering and Anti-terrorism legislations. Terrorist groups are known to have included not only engineers, computer scientists, and business people with backgrounds in computers, networks and computer-based systems but also people with access to hardware and software producers. Several researches has been done on cyber crime preventions and enforcement of adequate laws. The purpose of these researches are to suggest methods, to avoid the criminal use of information communication technology. Cyber attacks with a financial motivation leads towards great disasters to organizational repute. The need is to develop and implement proper system and procedures to improve cyber security and information assurance. The following are the pre-requisites of a strategy which can help to stop hackers and criminals to attack on confidential data bases of an organization: Support research, development and evaluation of cyber security and information assurance technologies aimed at preventing cyber attacks that may have large scale consequences. Address research & development needs to ensure cyber security and allocation of sufficient budgets for the research. Develop proper IT infrastructures to help IT departments implementing procedures according to organizational technological needs. Train and educate employees on the latest technological trends and ensure the deployment of effective security procedures to avoid mishandling of information. Develop and deployment of new communication protocols that better assure the security of information transmitted over networks. Support the establishment of experimental environments that allow IT researchers to conduct a broad range of cyber security and information assurance development and assessment activities. Provide a foundation for the long-term goal of economically informed, risk-based cyber security and information assurance decision making. Provide novel and next-generation secure IT concepts and architectures through long-term research. Literature Review According to Bresnahan and Trajtenberg (1995), “The technological invention associated with customizing the technological frontier to the unique needs of users in particular regions “co-invention”, placing emphasis on understanding how its determinants vary across users in different regions. These processes make measuring the welfare benefits from advances in information technology particularly difficult. The metrics currently available for measuring the economic pay-out of the IT revolution and identify which of these vary meaningfully in a comparative regional context”. The purpose of cyber security is to provide protection against unauthorized modification of information, improves confidentiality and assurance of timely and reliable access to and use of systems, networks and information. Nowadays organizations are relying heavily on Information technology in their day-to-day business operations, any performance issue results in huge financial losses and sometimes the image and reputation of the organization is at stake. Although small and medium size businesses are now making investments in cyber security related researches but still their work is directed primarily at short-term efforts driven by market demands to address immediate security problems. The need of the time demands to develop a long term strategy because cyber security is a discipline that can no longer be ignored. Short term measures should not be considered as sufficient and the primary focus should be on the achievement of strategic objectives which benefits company in the long run. Findings Although substantial progress has been made in raising levels of awareness about cyber security across industry but still securing confidential information and IT infrastructures remains a significant challenge for the organizations and IT managers. In order for businesses to be successful, it is essential to provide a foundation for the long-term goal of economically informed, risk-based cyber security and information assurance decision making. An effective Cyber Threat Intelligence (CTI) program needs to be implemented which is systemic, well-funded and well communicated with in the organization. The increasing availability of techniques to attack the economy through the IT infrastructure provide relatively easy, low-cost advantage to hackers and cyber criminals of all kinds around the globe. The technical advances will provide a number of opportunities for improvement in the productivity and growth of organizations. Cyber-security must be a central component of any enterprise risk management strategy, not just a technology responsibility. Continuous monitoring, logging and event correlation are elements of sound security strategies. Condoleezza Rice, President George W. Bush's national security advisor said, “The very technology that makes our economy so dynamic and our military forces so dominating also makes us more vulnerable." According to the Alliance for Telecommunications Industry Solutions, "Cyber security refers to the protection of information against unauthorized disclosure, transfer, modification, or destruction, whether accidental or intentional." Another aspect of cyber security is to use strategies and techniques which are less complex and can be communicated easily with in an organization. Increasing public awareness on cyber security issues is also important. The importance of cyber security can be examine from this fact that UK and US governments have declared cyber attacks as a major security threat. Most network security issues occurred due to access to network control information or computing system. In recent years, Internet was mostly used by research and education community but as the Internet has grown the number of users from diversify groups have increased and similarly the security threats has multiplied. Internet service providers should be monitored by law enforcement agencies to minimize risks. Cyber Technology Impacts According to Northrop Grumman, “Nearly every day our nation is discovering new threats and attacks against our country’s networks. Inadequate cyber security and loss of information has inflicted unacceptable damage to U.S. national and economic security”. In most of the industries, business seems impossible without Information technology but still it is widely accepted that information technology is complex and many people are unwilling or unaware as how they can protect their data and their machines. Therefore, addressing the problem of cyber crime requires creativity, innovative thinking and collaboration to improve the cyber security procedures. The inability of most small and medium size organizations to cope with modern cyber security procedures is a huge barrier in business growth. The most important thing is that organization should have proper IT infrastructure, tools, qualified human capital, and skills to properly manage security issues and minimize the risks. Although budget constraint for small organizations is still there but technological investments are now a days as important and investments in raw material. According to recent FBI studies, Cyber crime with over $1 trillion in annual revenues has outpaced drug trafficking as the largest illicit global business. The global financial crisis had a direct impact on a number of IT trends in 2009. With most IT budgets were reduced, and an increased focus on cost reduction opportunities, IT operational excellence became top of mind for many organizations. According to Kula, “If you think about the economy, with layoffs and cutbacks at the same time incidents are increasing exponentially, people are literally overwhelmed with all of their responsibilities.” Balancing the need to understand and manage the technical parameters of the enterprise network with the need to protect network infrastructure and information while maintaining connectivity and availability of services through a cyber attack is vital. Experience in risk and impact management and an ability to select suppliers and service providers, who have a sophisticated understanding of and deep experience managing, IT and acquisition managers must have tools and techniques available to them to better assess how strongly suppliers meet these necessary criteria. Below mentioned are important factors which need to be considered before executing a strategy to cope with cyber threats and network security issues: Proper understanding of and experience in dealing with cyber security threats. A working knowledge of emerging trends in network protection. Experience in providing cyber security based on effective risk management. A demonstrated understanding of how to make improvements in cyber security. An evaluation of how to apply above philosophies with in the organization. Proper update on going criminal activities and threats on the Internet and continuous research to prevent those threats. Gartner, Inc. (NYSE: IT) is the world's leading information technology research and advisory company, According to Mr. Armit Williams from North America research director at Gartner, “Cyber attacks are not new, but what is changing is the motivation behind them. They are no longer just executed by hackers for hobby or cyber vandilism, but by professionals with a targeted aim at one person, one company or one industry, “For example, we have recently seen several companies hiring private investigators to spy on their competitors. Private investigators used Trojans to install targeted spy ware on competitors’ computers to gather confidential information about such things as upcoming bids and customers.” The incidence of cyber attacks has increased and the consequences of these attacks cost corporations a significant amount of money, reputation and time therefore it is important to suggest the ways to cope with these issues and minimize risks. Organizations need to properly monitor the non-traditional work arrangements and temporary employees to avoid exposure of customer sensitive data which can damage the organizational repute. Most of the hackers can attack computer systems because of system misconfiguration so qualified IT staff is very important and shortage of qualified staff is also a matter of concern for organizations. Proper allocation of IT budgets to prevent potential security issues. Most of the researches which has been done on cyber security issues suggests that the frequency of cyber attacks will continue to increase for the next years and it could have serious implications on businesses as well as individuals therefore investment in cyber security is very important. A paper by Howard and Longstaff defines an attack as an “event that occurs on a computer or network that is intended to result in something that is not authorized to happen.” (1998) Threats to Industries Following are some of the threats which small and medium size industries are facing: Increasing risk due to use of insecure social media. Financial losses. Corporate image and good will. Unskilled and Disloyal employees. Security Institute and the FBI report that cyber security attacks have become a leading cause of financial loss by US companies, with businesses reporting an average of more than $160,000 for each security breach. According to the Internet Crime Complaint Center, the total dollar loss from all cases of Internet fraud referred to US law enforcement in 2007 was $239 million. With the increasing threats for organizations in the corporate world, organizations have started recruiting Chief Security Officers (CSOs) with a combination of technology and business skills and importance of skilled human capital has also increased. Cyber attacks are more dangerous because it can be made by some one from inside the organization (a disloyal worker) and also some one from outside the organization (a hacker). More recent statistics suggest that fighting viruses cost businesses worldwide $7.6 billion in the first year of 1999. (Futurework,1999) In addition, a DataPro Information Services study estimated that the average hacker attack costs companies $500,000. (Lowry, 1999) In the case where corporate or customer information is stolen or destroyed, the company suffers both the loss of the good as well as the loss of reputation. Increasing IT outsourcing trends is also one of the reasons for cyber security threats. Exposure of organization systems and information to outsourcing services provider can also increase risks. Research has proved that threats for cyber security and information leakage are always there in the business world. These threats and risks cannot be avoided fully but they can be minimized by identifying the threats and opportunities for the organization. Priorities and shared responsibilities must be communicated across the organization. Communications must be translated into day-to-day activities to the stakeholders. The organizations must adopt continuous improvement approach because cyber security threats and risks of tomorrow may be substantially different from today as hackers and web criminals are inventing tools and new processes on daily basis to steal important corporate and financial information of the organizations. Research & Development and HR department must be strengthened especially the roll of HR is very crucial in this regard. People are considered to the most important asset for any organization, if human capital of the organization is capable enough to meet the challenges of a modern business world than organizations can easily touches new heights of success. Clark urges enterprises to join and collaborate with industry associations to share security knowledge and concerns. Training can go a long way in today’s economic environment, in which staff is expected to do more with less. Not all organizations are fully equipped with the available latest technologies and mean to avoid cyber security threats but if staff meets the security and performance requirements, it will make a difference. Experience in risk and management and an ability of HR to recruit employees, who have a sophisticated and deep understanding of managing security issues is important. HR managers must have tools and techniques available to them to better assess how strongly skilled employees meet these necessary criteria. Functional Cyber Security and Information Assurance Authentication, authorization, and trust management. Access control and privilege management. Attack protection, prevention, and preemption. Large-scale cyber situational awareness. Automated attack detection, warning, and response. Insider threat detection and mitigation. Detection of hidden information and covert information flows. Recovery and reconstitution. Forensics, trace back, and attribution. Securing the Infrastructure. Secure Domain Name System. Secure routing protocols. Internet protocols. Secure process control systems. Domain-Specific Security. Wireless security. Secure radio frequency identification. Security of converged networks and heterogeneous traffic. Next-generation priority services. Digital Economics Impacts The introduction of electronic commerce is considered as revolution for the businesses. It is now becoming much easier for the customers to access the mainstream products and increasing flexibility and adaptability that technology advances bring to mainstream products will make it more practical and cost effective to build accessibility directly into these products, often in ways that increase their mass market appeal. It is perceived as less costly and more effective. The intelligent software agents, provided by Excite or Yahoo!, which help the consumer search for a particular product. These agents save the customer’s time and effort he otherwise would have to spend ‘visiting’ every single virtual shop or shopping mall. Other additional values would be the given transparency, the greater freedom of priority choices and the individualization of the on-line shopping experience. It saves time and money and lead to a higher customer satisfaction. An increase in electronic business provides growth to the small and medium size industries especially with fewer budgets to construct a huge physical infrastructure and recruit sales representatives. Further the product and services are easily accessible to the large number of customers. However there are some disadvantages of electronic commerce as well. Face to face interaction is missing in electronic commerce; some product features needs to be explained directly to the customer which is not possible in case of Internet trade. Economies of Scales The internet is the first medium that allows for a rich, unique and flexible communication, to many people simultaneously. Each customer controls the type of information it receives, based on individual needs. Internet marketing also helps to communicate a message to a large audience for a longer period of time as compared to a TV commercial message that can be conveyed in a 30 seconds and might not have more effect on the target market. Further most of times, sales personnel is only able to communicate with one customer at a time which shows high richness and low reach. The unique path each customer takes through a web-site presents a unique set of information for that person. With the rapid use of electronic commerce, it helps the businesses to achieve economies of scale. It is very fruitful for small firms as cost is low and customer satisfaction is high. It also helps the organizations to deliver customize products to the individual customers which results in increase in sales and contribution margin. There are also vast changes in marketing and advertising strategies or the new forms of management, company’s orientation, cooperation and interdependence between firms, which are actually the core of the economic high speed evolution. To ensure financial security secure methods of payment are vital for widespread commercial use of the Internet trade. Below are some methods of payments widely used in electronic commerce: Methods of Payments Credit Cards and Cheques. Electronic cash or digital cash. Micro payments. Smart cards. Internet trade has also changed the pricing behaviors. Although retailers and research institutes claim that better prices are seen as a positive side effect with many customers the main reasons for Internet shopping are still convenience, ease of research, availability and product variety (U.S. Department of Commerce, 1998). In case of digital products, cost structure also differs from the traditional manufactured goods. Digital products typically have small variable costs, and can have zero variable costs, assuming the product (software for instance) is being marketed directly from the web-site, with no distribution or packaging costs. 
 Electronic Commerce Electronic commerce has developed at a very fast pace in the last few years. It is a general perception that electronic commerce is just about buying and selling things over the Internet, however in a broader term it can be described as electronic exchange of business data between two or more organizations. “The primary technological goal of e-commerce is to integrate businesses, government agencies, and contractors into a single community with the ability to communicate with one another across any computer platform.”(Edwards, 1998) Many information technology driven companies are providing software solutions to the customers across the globe also falls in the category of electronic commerce. Electronic banking and transfer funds between accounts is also a way of doing Internet trade. The increasing use of credit card as payment method has changed the face of business. Electronic commerce also helps the companies to conduct business transactions and successful exchange of useful information even they are too far from each other. ”Dell Computers sells more than $14 million worth of computer equipment a day from its web-site. By taking their customer service department to the web Federal Express began saving $10,000 a day. The Internet provides businesses with the opportunity to sell their products to millions of people, 24 hours a day.” (Baxton, 1999) Advantages of E-Commerce Cost effective as cuts down the cost associated with marketing, customer care, processing, information storage and inventory management. More Efficient as it increases productivity and customer care services. Wide access to global market even by small enterprises. No geographical limitations. High speed transactions. Very little investment required to start business on line without investing too much in physical infrastructure. Minimum time restrictions to make transactions. Customization of products to meet the demands of individual customers. It collects and manages information related to customer behavior, which in turn helps develop and adopt an efficient marketing and promotional strategy. 
 Disadvantages of E-Commerce One of the biggest disadvantage of e-commerce that still Internet is not in the access of the complete world population especially in developing and underdeveloped countries very few people are enjoying the facility of Internet.
Some people simply refuse to trust the authenticity of business transactions through Internet. Not suitable for food items like vegetable, food etc. Time period required to deliver products physically is also significant. Returning of product and getting a refund is also difficult in case of Internet trade. Lack of personal interaction with the customer. Too much competition. Lack of customer relationship management. Many people consider shopping as social experience which cannot be enjoyed in case of Internet trade. Transactions security issues. Chances of fraud because of credit cards. Customer cannot physically touch the product before buying like in case of fabric hand feel is very important which cannot be checked in electronic transaction. Although the advantages of e-commerce are more than its disadvantages but proper strategy needs to be developed to address the technical issues and to increase the customer trust. Electronic commerce is really helpful in boosting the economy and plays an important role in economic growth. Conclusion and Recommendations The use of Information technology has been continuously increasing and small and medium size industries are not investing sufficiently in research and development to handle cyber security threats. Organizations need to develop long term strategic cyber security objectives to improve the productivity of the businesses and to ensure that resources are available to support these objectives. Employees in the organizations need to be properly trained to avoid mishandling of information. In this case education and skills training is also essential. Literature regarding cyber-attacks and technology should be available at the workplace Further research and development in cyber security and information assurance should be considered as strategic objective. Relying on short term strategy is not a substitute however it is important to strengthen the IT infrastructure. Companies needs to be identified what and where the valuable data is in the organization, the IT departments should take necessary measures to secure that data and information. Government role is also very important in this regard; laws should be made and implemented to secure electronic transactions, e-mail, and messaging. The bottom line is that cyber security in a modern business world is a necessity. The speed at which threats are multiplying on daily basis, enterprises are not taking measures accordingly. Above all proper management and control requires equally deep understandings of network operations and cyber threats. IT managers and supporting contractors must have a thorough understanding of cyber threats and experience in risk and impact management and organizations which does not have proper IT infrastructure should take appropriate steps to reposition their IT infrastructure to improve operational IT excellence. Disciplined methods and tools can reduce the amount of effort required to achieve desired results. Continuous feedback is also important for technological improvements. Cyber security strategy should be considered as a core strategy for all organizations regardless of business scale. Effective means should be adopted to resolve the problems in sharing information between industry and the research community. References Adams, J. 1998. Keynote Address by James Adams, chief executive officer of the United Press International. Seybold Seminars, New York, 19 March 1998. Http://www.upi.com (July 1998). and management issues. Paper presented at the XI World Forestry Congress. 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