Case Study on Banking System Breach Assignment
6 Pages1227 Words70 Views
Added on 2021-04-17
Case Study on Banking System Breach Assignment
Added on 2021-04-17
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ABCXYZ BANKBanking System BreachCase StudyProfessional Issues in Computing
Banking System Breach Case Study Table of ContentsIntroduction...........................................................................................................................................2Current Situation of the Bank & Factors in Decision-Making...............................................................2Impact of Disclosure of Proprietary Information...............................................................................2Legal & Regulatory Analysis................................................................................................................2The Data Protection Act....................................................................................................................2The General Data Protection Regulation (GDPR).............................................................................2Ethical & Professional Analysis............................................................................................................3BCS Code of Conduct.......................................................................................................................3IT Professional Code of Conduct to Protect Electronic Information..................................................3Ethical Theories.................................................................................................................................3Conclusion & Recommendation............................................................................................................4Reference...............................................................................................................................................51
Banking System Breach Case Study IntroductionABCXYZ is a regional back that has suffered from a data breach given shape by unknownhackers. The hackers stole private and confidential information of the bank comprising ofpersonal and credit card information of the customers, their account and transactional detailsalong with proprietary documents of the bank. Current Situation of the Bank & Factors in Decision-MakingThe hackers released some of this data in the public to tarnish the reputation of the bank.Such an occurrence created a lot of stir in the media and the public against the bank. TheCEO recommended that the official statement by the company shall state that only a part ofthe data stolen was accurate and the rest of it was fabricated. The CEO further suggested thatit shall be stated that the internal IT team could stop the attack and the magnitude was low.However, such was not the case. The decision-making process is impacted by theconfirmation by the senior directors and leaders on the statement, bank reputation in themarket, market shares, and customer relationships. Impact of Disclosure of Proprietary InformationThe misuse of the proprietary documents by the hackers may have an extremely adverseimplication on the bank. It may result in legal obligations due to the disclosure of private andconfidential information of the bank and may also provide advantage to the competitors. Legal & Regulatory AnalysisThe Data Protection Act The Data Protection Act, 1988 states that the business organizations and government mustalways protect and securely use the personal information. The users and managers of the datashall use the data fairly, accurately, relevantly, and lawfully (Gov, 2018). It shall also not betransferred without necessary protection and must always be kept safe and secure. However,such conditions are violated in the case of ABCXYZ bank. The violation of the act may resultin legal and regulatory obligations for the bank. The General Data Protection Regulation (GDPR)The regulation states that the businesses must maintain compliance levels in their dataprocessing and handling operations. The security of the data sets shall always be maintained.2
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