week 2

Using the readings presented in Week 2 and additional research on your own, prepare a list of 3 to 5 recommendations for how block chain technologies can be used to reduce risk in financial transactions. Your analysis should include the use of blockchains to uncover (detect) money laundering and other crime related financial transactions similar to those which were discovered at Island Banking Services. Remember to use the 4 risk treatment strategies as discussed in CCISO Domain 1 Section 6 (copied at the bottom).

Format your recommendations as a briefing paper that includes an introduction, your analysis of the benefits of blockchain technologies in reducing risk, your recommendations (with explanations), and a closing or summary paragraph. You should have at least 5 strong paragraphs in your briefing paper. Include citations and references (3 or more) to support your written work.

As such, you may need to have a CISO in the administration system of your company to mitigate cybersecurity risks.

What are the Primary Functions of CISO?

Any CISO should review the risks that the organization’s current IT system is exposed to using the following strategies:

1. Critical Systems and Data. Due to the high use of digital data in an organization, the CISO should determine the information assets, systems, and networks that will support the digital changes while maintaining successful business operations.
2. External Threat Management. Malicious actions require strategic security protocols to update the systems and software thus eliminating the threat.
3. Internal Threat Management. The establishment of authorization and multi-factor authentications as internal controls is crucial in protecting the system and networks access.
4. Assessing the Vendors Risk. The increase in using of vendors demands for reliable systems to manage the collections, transfer, and storage of the data. They should be enough security controls to protect the privacy of the data.
5. Continuous Monitoring. Your organization should have an automatic monitoring system for internal and external controls to enhance identification system as well as network vulnerabilities.
6. Business Continuity and Incident response. The rise in the number and sophistication of breach cases need CISOs to develop the right strategies that manage the impacts of such risks.