In the age of information technology, organizational security has become a critical component of firm performance because of the impact of external attacks on the nature of interactions between the organization and its stakeholders. The Goldman Sachs Group, Inc. is an American financial corporation that is always facing cybersecurity issues, which interfere with its operational performance. Its cybersecurity system is carefully designed to equip its enterprise IT and cybersecurity teams with the much-needed expertise to approach diverse scenarios that interfere with its reputation in the business environment. From this observation, incorporating different strategies in fighting organizational security threats exposes firms to a context where they should anticipate imminent threats from external parties interested in their self-interests. Hence, developing a complex security system that responds to the changing needs of individuals is critical in the realization of desired outcomes that equip the firm with a competitive edge over other industry players in the business environment.
About Goldman Sachs
Goldman Sachs is an American financial corporation that offers a wide range of services to its diverse client groups around the world. Given its diverse portfolio that includes investment management, securities underwriting, and prime brokerage, security is an essential component of its operations because of its impact on the firm’s delivery of service and execution of other related tasks. Currently, the financial institution is one of the leading investment banks in revenue, making it a prime target for cyber insecurity and other unprecedented threats (Ahmad et al., 2020). From this realization, developing a cybersecurity system is not only essential for Goldman Sachs but also a necessity for the global investment bank because of the need to protect its client’s information and other sensitive data that may compromise its position in the competitive business environment. Therefore, understanding the multiple threats that interfere with the security of an organization exposes firms to a context where they can make informed decisions to overcome multiple problems that interfere with their ability to achieve their desired outcomes.
In 2019, Goldman Sachs dedicated $8 million towards its cybersecurity skills platform to empower its employees and stakeholders about the impact of multiple threats that can interfere with its performance in the business environment. The collaboration with Immersive Labs presents Goldman Sachs with an opportunity to develop an innovative security system that caters to all its different needs in the business environment and beyond (Al Shammari, Maiti, & Hammer, 2021). Goldman Sachs will now integrate threat data with gamified learning, which will enable it to focus on developing a series of viable solutions that influence the nature of outcomes in the business environment and beyond. According to a shared communication by Immersion Labs and Goldman Sachs, the security system will rely heavily on recent attack techniques, examine hacker psychology, and explore underlying vulnerabilities that can be exploited by third parties to exploit the firm. Although the system will respond to emerging threats, the primary focus is on empowering the people to embrace the recommended approaches that safeguard them from suffering the threats and accomplishing their desired outcomes.
Managerial Acts and Functions for Asset, Personnel, and Facility Protection
Organizational security is not only about the technical elements but also the social and political integration of values to achieve the desired outcome. By engaging all stakeholders to deliberate on the best line of approach exposes individuals to a context where they can spearhead the formulation of informed decisions that respond to a wide range of issues affecting individuals in their immediate environment (Stewart & Jürjens, 2017). Ensuring that both employees, consumers, and suppliers understand the importance of security advancements is critical when developing proactive solutions that are aligned with the ambitions of the security system. Before embracing security approaches such as cloud infrastructure, distributed teams, and data-driven approaches, there is a need to expose individuals to a context where they can experience the benefits associated with innovative applications that respond to emerging threats.
Goldman Sachs has an elaborated security approach that promotes fraud awareness to its employees and other stakeholders in its circles. For instance, engaging consumers and exposing them to a context where they can understand the possible approaches that criminals can use to gain access to their private information is one of the revolutionary approaches, which have a lasting impact on the nature of outcomes that can be realized in the business environment. Given the evolving nature of the modern criminal, there is a need for corporations to actively engage consumers in their security operations to inform them about the existing vulnerabilities that can be exploited by cybercriminals (Chu & So, 2020). From this perspective, Goldman Sachs’s attitude towards its cybersecurity and crime prevention has had mixed results that reflect on the changing position of individuals in their immediate environment while exposing people to a context where they can accomplish their expected outcomes. The interactive security system offers information regarding the approaches commonly used by criminals to send malicious emails, use social media impersonation, and launch credential-based attacks to access private information.
In its 2019 funding of the people-based security system, Goldman Sachs intends to diversify its security approach to gain meaningful outcomes that are focused on the need to accomplish desired goals. While adding security infrastructure is equally important, there is a need to embrace a lasting strategy whose impact will transcend the conventional methods of securing information. However, established corporations face a primary security problem that is triggered by the lack of a competent cybersecurity talent problem, which hinders corporations from responding to emerging cyber threats. However, increasing capital and funding towards developing proactive security systems is one of the revolutionary approaches that can be used to improve outcomes and accomplish different results, which safeguard information in contemporary society.
Engaging Stakeholders in Security Planning
Firms have different stakeholders who play distinct roles that contribute towards the realization of the projected outcomes. In this regard, the primary stakeholders are Goldman Sachs’ employees who are pivotal in the execution of multiple activities that are aligned with the firm’s mission and vision in the business environment. From this perspective, engaging the employees exposes one to an enabling context, which compels employees to participate in the development of feasible solutions and strategies that can respond to the underlying threat (Yasin, Czuchry, & Small, 2018). Since employees have different academic backgrounds, engaging them provides a firm’s leadership with a diverse perspective that enables them to respond to the changing needs of individuals in their surroundings. Importantly, employees will execute the proposed security measures effectively if they are involved in the security planning process.
Creating awareness that targets consumers is one of the best practices that firms should undertake to address emerging problems triggered by cybersecurity threats and problems. Many criminals target consumers because of their limited information about the best approaches that should be used to safeguard their details and other elements during their usage of the system. In this case, Goldman Sachs’ security campaign provides detailed information regarding the approaches people should use to safeguard their credentials. Given that cybersecurity criminals exploit the consumers for their lack of information, creating awareness that equips them with the much-needed data exposes them to an environment where they can transact carefully without exposing their details to third parties. Besides, it becomes easier to distinguish between actual bank representatives and imposters who thrive on social engineering to extract information from unsuspecting individuals.
How Goldman has Applied the Security Solutions
Goldman Sachs is currently conducting an extensive security awareness campaign that targets consumers with the hope of informing them about the best approaches that can be used to achieve the desired outcomes. The investment bank has defined the frequent type of attacks that can be launched and their role in exposing consumers to a context, which hinders them from transacting without facing the imminent threat from cybersecurity criminals. Malicious emails, credential-based attacks, and social media impersonation are the commonly used methods that hinder individuals from realizing their desired goals in contemporary society (Liu, Zhang, & Liu, 2017). In this regard, Goldman Sachs has provided a list of approaches that consumers can use to protect themselves from the imminent threat posed by cybersecurity criminals. These approaches include establishing secure email protocols, password management, and embracing two-step authentication measures that limit external parties from gaining access to private and confidential information.
Alternatively, Goldman Sachs is also focused on empowering employees to understand the complex web of cybersecurity crime and the approaches used by hackers to bypass the measures to gain access to sensitive information. Notably, the financial institution is geared towards achieving a positive outcome that influences the thought process of individuals by exposing people to a context where they can realize their desired goals and the ability to pursue different approaches that yield mixed outcomes. By perceiving employees as stakeholders, firms gain access to multiple benefits that are facilitated by the willingness of individuals to respond proactively to different issues emerging in the workplace. For instance, workers contribute towards the success of an organization through its ability to equip them with pride, job security, and promotion on merit. For this reason, these elements play a significant role in shaping their perspectives towards work and executing other related tasks, which influence outcomes in the business environment.
Goldman’s Security Planning and Risk Assessment Strategies
Since Goldman is a financial institution, it undertakes a wide range of risk assessment strategies before performing its various activities that lean towards realizing different goals in the business environment. Apart from exploring enterprise risk management, liquidity, and market risks, Goldman is involved in a series of exploration expeditions that enable it to gain a form of leverage over other industry players. The primary problem in the financial market is cybercrime, which explores multiple vulnerabilities in the consumer market and company database. However, Goldman’s ability to engage in promotional campaigns targeting consumers to enhance their knowledge regarding the underlying issues is an essential approach that influences the best techniques, which should be used to achieve desired outcomes. Likewise, assessing the underlying risks and developing viable solutions enables firms to overcome the numerous challenges that hinder firms from suffering multiple problems, which interfere with their ability to accomplish desired goals in the business environment.
The Effectiveness of Organizational Security Planning
Firm security protects a company’s reputation in the market and its relationship with different stakeholders such as employees and consumers. In this regard, a well-detailed organizational security plan exposes individuals to an environment where people can accomplish their desired goals and focus on creating viable solutions, which influence their thought process in the contemporary business environment. Importantly, organizational security eliminates liabilities such as insurance and compensation, which hurt its performance in the business environment (Stoichev, 2019). By so doing, organizations improve their generated business revenue, which allows them to focus on productive activities, which have a direct impact on their productivity levels. It should be noted that organizational security planning anticipates unforeseen threats that have far-reaching effects on the corporation’s overall performance in the business environment. Therefore, organizational security planning exposes different stakeholders to security awareness training, which informs individuals about the best approaches that can be used to accomplish different outcomes in the competitive corporate world.
Conclusion and Recommendation
Developing a complex security system that responds to the changing needs of individuals is critical in the realization of desired outcomes that equip the firm with a competitive edge over other industry players in the business environment. Organizational security enables firms to develop policies that safeguard the firm by defining its administrative, technical, and tangible measures, which reduce external interference. By limiting external access to company information, firms achieve a certain level of credibility that enables them to engage different stakeholders and overcome underlying issues that influence the nature of outcomes in the competitive business environment. Given the multiple security threats faced by Goldman Sachs, its leadership should diversify its security portfolio to focus on different approaches that can be used to respond to the dynamic cybercrime sector.