BM565 Digital Business And New Technologies Assignment Sample

Introduction: BM565 Digital Business And New Technologies Assignment

Section 2: Knowledge and Theories Application in the Retail Industry

In the retail sector, cyber security is termed as the protection of data, digital networks and systems from theft, unauthorised accessed, malware or any sort of cyber threats. It is the process of implementation of process and technologies to control the networks, programs and systems from cyber-attacks. The primary aim is to minimise the risks and provide maximum protection to the retail sector against unauthorised exploitation of networks, information and technical systems. This section includes the theoretical frameworks on cyber security and brief implications of the technology in the retail sector organisations.

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Cybersecurity and Theoretical Frameworks

Theory of Systemic Cyber Risk Disruption

This theory reflects the disruption of systemic cyber risk with the consistent and careful focus of the organisation towards the limitation of chances of future cyber threat incidents. It focuses on the reduction of avenues based on potential cyber-attacks with regular update of system, software and technology and by changing passwords frequently (Hasan et.al 2021). Furthermore, this theory assists the organisations to implement the multi-factor authentication to minimise the phishing and ransomware attacks. The Systemic Cyber Risk Disruption theory removes the interconnections which are non-essential to reduce the concentration risks of cyber security.

Theory of Cyber Risk Management

In the advanced digital era, the theory of cyber risk management refers to the process of identification and monitoring of cyber risks, concerned with the networking and information system of retail sector organisations. This theory enables the organisation to expose and identify the potential cyber risks and threats to protect it from reputational damage and financial loss (Ogborigbo et.al 2024). Moreover, the cyber risk management theory can enables the retail organisations to adopt the appropriate measures of security to protect the systems of information and networking from cyber security.

Application of theories in Retail industry

Q1: Implications of Technology related to Cyber Security

Walmart

Walmart Inc is a popular multi-channel retailer at global level, engages with the operation of multiple supermarkets, grocery stores, departments, hypermarkets and platforms of E-commerce. It has implemented the technology of Artificial Intelligence (AI) to protect the organisation from the cyber threats. The adoption of AI technology in the cyber security program can protects the organisational infrastructure and customer’s data to maintain their loyalties and trust towards the organisation (Demirkan et.al 2020). Furthermore, the adoption of AI within the cyber security programs can aligns with the business practises and values to build trust and towards the safeguarding of security and protection of systems and personal data. Moreover, Walmart took the decision to adopt the technological model of Machine learning in its cyber security program with an aim to reduce the cyber threats and business risk (Walmart, 2024).

Costco.

Costco is a global retailer, operates the warehouse clubs in multiple countries. In the year 2021, the organisation identified the with the cyber security concern related to the data leak (Twingate, 2024). An unauthorised device tried to steal the organisational data and vulnerabilities by capturing the information of payment. The global retail company informed its customers about the unauthorised access to their financial details related to bank and credit cards to protect them from financial loss. This incident helps the organization to understand the implication of advanced technology in the cyber security systems, protects them from unauthorised phishing, malware and from other cyber threats (Walton et.al 2021). The organization can takes the initiative of adaption of advanced technology of AI and block chain to mitigate the cyber security related concerns. Furthermore, it can take the immediate action with the enforcement of cyber security agencies in order to protect the personal information and data of customers to maintain their trust towards the company. The cyber risk management theory can assist the company in formulation of mitigation strategies related to cyber security to enhance the growth of retail business in the modern digital world.

Q2: New organisation’s impact on traditional industries

New Entrants:

Amazon is termed as one of the largest retailers which operate its business at online mode. It focuses on the selling of retail services and products on online shopping platforms through cloud computing, artificial intelligence, online advertising and digital streaming (Amazon, 2024). This online retailing platform provides the advantage of convenience to the new entrants with low investment and capital. Furthermore, the online retail organisation provides high cyber security to the new entrants of retail industry, leads to increase the competition for the traditional organizations of retails sector.

Impact on Traditional retailers:

There is adverse impact of new entrants on the traditional retailers as it emerges the challenges related to increased competition, affects the loyalties and trust of the customers and decreases sales of the organisation. The traditional retailers might faces the issues related to the adoption of advanced digital technology due to resistance and lack of skills (Shankar et.al 2021). However, the new entrants of retail industry encompasses with the leverage of advanced technology such as use of AI for increasing satisfaction of customers and ML and Block chain for cyber security. The implementation of the advanced technology in the new entrants of retail businesses leads to increase in sales, efficiency and profitability (Zwilling et.al 2022). The traditional style of retail organisations faces the challenge related to lack of efficiency, decrease in satisfaction and experience of customers, and loss in revenue turnover due to failed in grasping the advanced technology into business.

Conclusion

It has been concluded that the process of cyber security designed with an aim to protect the devices and networks from the cyber threats such as attacks related to malware, phishing and ransom ware, theft, unauthorised access and stealing of information by hackers. In the advanced technical era, organisations are engaged with the increased adoption of cyber security tools and technologies to protect their confidential information and data with an aim to enhance efficiency and productivity of the business. The theoretical framework of Systemic Cyber Risk Disruption and cyber risk management ensures the effective mitigation of cyber threats with prior identification. This assists the businesses to formulate strategies and adoption of strategic measures to mitigate the cyber security challenges was concluded.

Section 3: Evidence in Support of Findings and Discussions of Section 2

Introduction

This section reflects the collection of evidences based on the secondary research on the digital technologies within the context of cyber security within the industry of retail. The secondary evidences used in this section to support the arguments of section 2 is collected from brooks, interviews, industrial analysis, journals, articles and through online references.

Primary Data Evidence

Strategic technological implication at Walmart

To analyse the strategic technical implementation of advanced digital technology at Walmart, the primary data collection method of interview is adopted. During the interview with the manager of walmart, the strategic implication of AI and ML was proven as efficient in order to maintain cyber security in the organisation. The manager of global retail organisation focuses that the technological implementation of artificial intelligence and machine learning plays a vital role in the protection of business from the cyber risks and threats. It has been resulted that with the adoption of AI and ML in the program of cyber security, the chance of cyber-attacks and threats has reduced Walmart, (2024). Furthermore, these digital technologies ensure the maintenance of security of vulnerable and sensitive data from steal, thefts and cyber-attacks in order to promote brand image and financial loss.

Technological shortcomings at Costco

On the contrary, Costco faced the technical challenges related to data breach due to incompetent cyber security programs. It was resulted that there was a data breach of 500 customers due to which the organisation’s efficiency and profitability has adversely affected (Twingate, 2024). It was reported in the interview that payment card details, includes the card number, CVV, name of cardholder ad expiration data related data has breached by the hackers. To overcome these challenges, the CEO of Costco can take the implementation of advanced technology such as blockchain and AI with an aim to strengthen the cyber security program. In addition, the cyber risk management theory can further assist the business to mitigate the risks related to data break in order to gain loyalties of the customers (Adewusi et.al 2024).

Comparative Analysis

The comparative analysis of the above companies, Walmart and Costco, provides the critical illustration related to the integration of digital technology within the field of cyber security. In the current era of digitalisation, organizations within retail sector have increasingly leverages the digital technology to enhance the strength of cyber security programs (Kuzlu et.al 2021). The digital events happened at Walmart and Costco provides the brief information about the impact of digital technologies on the efficiency of cyber security programs.

Conclusion

From the above information, it has been concluded that the digital technologies has a significant impact on the efficiency of the cyber security programs of the organizations within retail sector. Disparities among Walmart and Costco highlight the significance of digital technologies within cyber security with the collection of secondary evidence from interviews, news, articles and books, and online sources. In addition, the significance of digital technology within the cyber security was concluded by providing secondary data evidence.

REFERENCES

Books and Journals

• Adewusi, A.O., Okoli, U.I., Olorunsogo, T., Adaga, E., Daraojimba, D.O. and Obi, O.C., (2024). Artificial intelligence in cybersecurity: Protecting national infrastructure: A USA. World Journal of Advanced Research and Reviews, 21(1), pp.2263-2275.
• Demirkan, S., Demirkan, I. and McKee, A., (2020). Blockchain technology in the future of business cyber security and accounting. Journal of Management Analytics, 7(2), pp.189-208.
• Hasan, S., Ali, M., Kurnia, S. and Thurasamy, R., (2021). Evaluating the cyber security readiness of organizations and its influence on performance. Journal of Information Security and Applications, 58, p.102726.
• Kuzlu, M., Fair, C. and Guler, O., (2021). Role of artificial intelligence in the Internet of Things (IoT) cybersecurity. Discover Internet of things, 1(1), p.7.
• Ogborigbo, J.C., Sobowale, O.S., Amienwalen, E.I., Owoade, Y., Samson, A.T. and Egerson, J., (2024). Strategic integration of cyber security in business intelligence systems for data protection and competitive advantage. World Journal of Advanced Research and Reviews, 23(1), pp.081-096.
• Shankar, V., Kalyanam, K., Setia, P., Golmohammadi, A., Tirunillai, S., Douglass, T., Hennessey, J., Bull, J.S. and Waddoups, R., (2021). How technology is changing retail. Journal of Retailing, 97(1), pp.13-27.
• Walton, S., Wheeler, P.R., Zhang, Y. and Zhao, X., (2021). An integrative review and analysis of cybersecurity research: Current state and future directions. Journal of Information Systems, 35(1), pp.155-186.
• Zwilling, M., Klien, G., Lesjak, D., Wiechetek, Ł., Cetin, F. and Basim, H.N., (2022). Cyber security awareness, knowledge and behavior: A comparative study. Journal of Computer Information Systems, 62(1), pp.82-97.
• Online
• Walmart, (2024). Responsible Use of Data and Technology. [Online]. Available through: < https://corporate.walmart.com/purpose/esgreport/governance/responsible-use-of-data-and-technology#:~:text=Our%20cybersecurity%20programs%20work%2024,in%20line%20with%20Walmart's%20values>. [Accessed On: 5^th August, 2024].
• Twingate, (2024). Costco data breach: what and how it happened? [Online]. Available through: <https://www.twingate.com/blog/tips/Costco-data-breach>. [Accessed On: 5^th August, 2024].
• Amazon, (2024). About Us. [Online]. Available through: <https://www.aboutamazon.com/>. [Accessed On: 5^th August, 2024].

Author Bio

Jazmine McCullough   4 years | MBA

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