Information Security Policy and Two-Factor Authentification

You know that the business recently fell victim to a ransomware attack, which cost it $500,000.00. The company’s top management and leadership then attended an emergency meeting of the Risk Management Committee. The CEO, a member of the risk management committee, a director of information security, an IT team, and a director of risk management attended the meeting. After considering it, the CEO instructed the information security office to draft a policy to ensure a similar incident never happened again. The new policy, its launch date, and its prerequisites will all be disclosed in this document.

Ransomware Attack

According to Stanger (2020), ransomware is a type of cyberattack in which the attacker gains access to the victim’s computer, encrypts all the data, and then demands payment to decrypt the file. In our situation, the hacker gained access to a computer in the finance division, forcing the business to pay the necessary sum. To put things in perspective, according to an IBM analysis from 2022, business email compromises climbed by 6% from 2020, while phishing-related data breaches jumped by 16% from 2020. Furthermore, this will probably worsen, given the dangers that more than 83 percent of organizations face.

New Rules

This order is essential to the company because of the attack above and data from the industry; thus, extreme caution must be exercised. As a result, for access to IT equipment, all employees must use the new two-factor authentication system. According to Dmitrienko et al. (2014), 2-factor authentication is a preventive measure that counters vulnerabilities posed by password breaches. This rule applies to all computer and mobile web services used by businesses. Additionally, this must be enabled on all staff members’ PCs. All personnel will be trained on using the new 2-factor authentication control through a curriculum developed by the information security division.

All workers are reminded to have 30 days to comply with this new order; otherwise, their access to corporate information, services, or data may be suspended. Employees whose access will be restricted may find it difficult to complete their tasks successfully, which could result in disciplinary action, such as termination, for violating the company’s policies.

Conclusion

This policy protects the company’s assets and guarantees online security. All employees must use the new 2-factor authentication method to access IT equipment. Access to business data, services, and emails will be suspended if this is not done within the following 30 days.

References 

Dmitrienko, A., Liebchen, C., Rossow, C., & Sadeghi, A.-R. (2014). On the (in)security of mobile two-factor authentication. In Financial Cryptography and Data Security (pp. 365– 383). Springer Berlin Heidelberg.

IBM. (2022). Cost of a data breach 2022. https://www.ibm.com/reports/data-breach

Stanger, J. (2020, February 21). Ransomware response: Mature cybersecurity must involve data analytics. Default. https://www.comptia.org/blog/mature-cybersecurity-response-to-ransomware

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You are the Information Security Director for a medium-sized company. You recently experienced a ransomware attack that cost the company $500,000.00.

After the attack, your CEO held a meeting and informed you and the other IT professionals that it “WILL” not happen again. Write a Directive to the company’s employees summarizing the requirement for all personnel to adopt the new 2-factor authentication for IT equipment access. Include a 30-day adoption timeline and the consequences of not adhering to the new policy.
Instructions:

•    Write a 400-500 word policy using APA format.
•    Your essay should include an introductory paragraph and a conclusion.
•    Follow APA format for structure. Conduct research associated with 2-factor authentication and, at a minimum, cites 3 credible references beyond the course materials. Please note Wikipedia, Investopedia, and similar websites are not credible academic references.

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