National security is used for …
National security is used for trade protectionist policies since the industries involved include defense-related companies, high-tech firms, and food producers. It is the responsibility of a nation’s government to protect its land and citizens from outside threats and hence government intervention in trade is the protection of national security (Obama, 2010). Industries such as aerospace, advanced electronics, and semi-conductors are vital components of national defense policy and that relying on foreign manufacturers would seriously affect a nation’s defense in time of war. By having manufacturing for defense items protected from foreign competition, trade protectionism is necessary for a nation’s existence. CybersecurityThe mission of defense and national security agencies requires that they be ready to meet the dynamic challenges of today and the emerging threats of tomorrow. As technological advances, many of our current and emerging threats involve computer networks and new technologies like unmanned aerial systems (Raghavan ; Parthiban, 2014).
The rapidly changes and keeping up with these changes will be one of our nation’s biggest defense and national security challenges. An example would be the cyberattack on Sony Pictures resulting in the loss of some of the company’s prime assets and early version of a script of the new movie including Sony’s private company information has apparently been exposed to the public, including bosses’ salaries and employees’ social security information (Cieply, 2017). This incident caused the company to delay in launching the movie and reputation damage.Cybercrimes on banks can have impact on the nation economy and reputational damage across the globe (Burden, 2018). The U.S government hence had signed an executive order aim is to strengthen the cyber security of the federal networks and critical infrastructures and the order focus is to address the cyber concerns. The cyberattack against the Central Bank of Bangladesh in 2016 resulted $81million was stolen.
To fight these cybercrimes, the banking sector needs to collaborate with global authorities to develop strategies which can help in controlling imperative to increase cooperation among the banks across the world to counter global banking cybercrimes.ConclusionProtectionism and free trade policies were replaced to correspond to a certain economic situation in the world. Policies were introduced to support domestic economies and employment. Such moves might bring upon a chain reaction of protectionism that makes the economic slowdown even worse and end up in trade wars. One country’s protection will not just hurt partner-country exports. Sooner or later, the formers exports will be affected as well. Therefore, the nation should avoid adopting protective measures separately, as free trade is seen to be the only solution to crisis by stimulating future growth and creating jobs in the future (Hilton, 2017).