Is the Importance of Information Security Over Exaggerated?

Many businesses fail to recognise fraud, bribery and corruption as a serious threat to the viability of the business mainly due to readily available security software.  Trust is placed in virus protection, security software and the like; however the necessity for information security is essentially ignored.

Information security ensures that information is protected against disclosure to unauthroised users, improper modification and non-access when required (ISACA, 2012, p. 14).  At my current place of employment, a mid-tier accounting firm, access is restricted to client files which relate to a directors entity.  This practice is to manage the risk of internal misappropriation of information.

Essentially, information security encompasses the protection against both internal and external fraud, corruption and bribery risks.  The number of respondents to the Computer Crime & Security Survey who reported a breach of security decreased from 90 per cent in 2003 to 45.6 per cent in 2011 (Silic & Back, 2014, p. 279).  Although this demonstrates businesses actively sought to target the risk of security breaches, technology is ever changing.  It is within the best interest of businesses to constantly evolve their information security in order to manage the risk of fraud, bribery and corruption.

References 

ISACA (2012).  Cobit 5 for Information Security.  Retrieved from http://www.isaca.org/COBIT/Documents/COBIT-5-for-Information-Security-Introduction.pdf

  

Silic, M., & Back, A.  Information security: Critical review and future directions for research. Information Management & Computer Security, 22(3), 279 – 308, DOI: 10.1108/IMCS-05-2013-0041