Information security is everyone’s business and needs to be made a top organizational priority. Firms suffering a security breach can experience direct financial loss, exposed proprietary information, fines, legal payouts, court costs, damaged reputations, plummeting stock prices, and more. Information security isn’t just a technology problem; a host of personnel, operational and procedural factors can create and amplify a firm’s vulnerability.
Please get into groups of 2-3 students for this assignment and answer the following questions.
Search online for a recent report of an information security breach.
Note: Please don't send me any existing answers.
Article Source: Nicole Lindsey. (2019). Equifax $700 Million Data Breach Settlement a Sign of Things to Come. CPO Magazine. Published on July 31, 2019
Description: The Atlanta based Equifax, a credit reporting agency was ordered by FTC to pay a fine of $700 Million for breach of data and privacy issues. The agency was fined for sub-par data security practices that lead to the data breach by cybercriminals. The personal customer data of about 147 million users was compromised. ATO (Account Take Over) attacks with cybercriminals breaching customer data from multiple sources to take control of user accounts for the duration of 76 days without their knowledge occurred in the case of Equifax data security breach.
Impact – The Equifax data security breach incident indicates that online business is harmful and the sensitive personal data of consumers submitted online is not safe with one massive breach getting access to millions of personally sensitive information. The penalties, fines and judgment cover the financial duress and losses of the victims of the data breach but the incident has raised the doubts in minds of the consumers about online privacy and security.
Avoiding the breach – The data breach incident might have been avoided by appointing a Chief Technology Officer (CTO) of the company to takes responsibility for all the IT security-related incidents of the company. An annual security assessment of the company is mandatory to ensure that records are kept secure. Regular and periodic testing of information should have been done in a rigorous manner. The company might have invested more in cybersecurity tools and practised continuous monitoring of the companies IT environment with strict security controls.
My experience: I use mobile apps to shop from online shopping sites, transact money through mobile banking. I searched online for such security incidents pertaining to these operations in my selected service provider. I did not find any security breaches in the past. My attitude after learning from the Equifax data security breach incident is to take a cautious approach to transact online as the impact of a security breach is so immense. Organizations must take steps to secure the consumer private data, employee data, continuous monitoring of networks by implementing proper mitigation technologies to ensure consumer personal data safety and security.
Information security is everyone’s business and needs to be made a top organizational priority. Firms suffering...
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