Industry Profile

Acquisition & Procurement Risk in the Cybersecurity Industry

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Introduction

The cybersecurity industry has evolved because of cyberspace. Cyberspace intentions were to allow communication and interaction between people and businesses via the internet, text messages and other technologies verses face to face connection. Unfortunately some malicious individuals began using cyberspace for harm which resulted in cybercrime. Thus as a result of cybercrime, the cybersecurity industry was born.

Cybercrime can be used for theft which include identity theft, data breaches and financial fraud. Then there is cyber bullying and stalking which are also cybercrime (NCSA, 2015). Therefore the cybersecurity industry benefits society by providing safety and security to people's personal information, identity and safety.

Unfortunately cyber-attacks and cybercrimes are increasing and the crimes are getting even bigger and even the government has been victim to cybercrimes. Therefore it’s no surprise that within the last five years cybersecurity has received over $5.2 billion dollars in investments as well as over 807 deals (CB Insights, 2014). Also according to a Gallup poll, “Americans worry about falling victim to cybercrime more than any other type of crime” (Pure Funds, 2014). Americans fearing becoming a victim of cybercrime proves how much cybersecurity is a much needed industry. This profile will cover operational risks, product liability as well as governance framework and standards.

Operational Risks

Operational risks are interpreting as hazards to data and technology systems which disturbs the CIA. Operational risks are often caused due to neglect from personnel, systems and network loss, slips in internal procedures as well as outside incidents i.e. hackers and data breaches (Cebula, 2014). Even though most businesses have no regulation or upper hand on preventing the risks they can still prepare for them by identifying what their potential risks...