Cyberlaw, Regulations, and Compliance - Desklib

This report discusses the critical provisions of cyberlaw and how they apply to the case study of VL Bank. It also provides recommendations for VL Bank to solve the cases and examines the impact of cybercrimes on the enterprise continuity of VL Bank.

Running head: CYBERLAW, REGULATIONS, AND COMPLIANCE
Task 4: Cyberlaw, Regulations, and Compliance
Name of the student:
Name of the university:
Author Note

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Introduction:
In the following report, the critical provisions of cyberlaw or Competencies 423.1.5, 423.1.5
and 423.1.7. is demonstrated. This is related to the case study of VL bank. The above-
aforementioned provisions of cyber law are investigated from the perspective of CISO or Chief
Security Officer of VL Bank.
Further, various recommendations are provided for VL Bank regarding how the business can
solve the cases. Apart from this, considering the relevance of the provisions, multiple ways in which
the cybercrimes are impacting the enterprise continuity of VL Bank are examined, Next, the way in
which the institutions can include the technology in countering the impacts of cybercrimes.
1. Demonstrating how the regulations or laws apply to the present case study:
a. Discussion on how VL Bank has been working under the parameters of suitable legal
jurisdiction along with particular bodies of law enforcement in resolving the case:
As the provisions of competency 423.1.2 are investigating, it indicates that necessary rules
and laws are to be deployed. This must also comprise solving the problems with cybercrime,
authority, ethical dilemmas and terrorism. The clients of VL Bank has been using the advanced
authentication processes. This is to keep tracking different tasks like wire transfers, deposits and
accounts management (Reder et al., 2015).
Further, the competency 423.1.3 provision, as deployed in the real spirit can limit the
fraudulent wire transfers. This can also assure the smooth task flows and make that simple for
managing to keep track of banking processes. Moreover, Competency 423.15, has suggested the pre-
determined requirements and set of regulations for information security. This is crucial for the bank.

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Apart from recommending the securing data, the competency 423.15 the provision has been
permitting the VL Bank in holding and funding processes. This also includes related data through an
electronic medium.
Furthermore, VL Bank has been deploying the provision of competency 423.17 of cyber law
and develop the operations and endeavours over the continuity of the enterprise (Kyobe, 2015). To
develop the institution through economic turmoil and various fraudulent transfers, the continuity of
continuity is bound to play an essential role in the financial performance and the progress of VL
Bank. Them the chief security officer has been deploying the aforementioned provisions of cyber
laws in the actual format. This is to secure the VL Bank from various fraud, financial embezzlement
and fraudulent activities.
b. Legal jurisdiction for solving the case:
As the result of the crime at the back affected shareholders, staffs and clients of the end.
They can pursue the legal route and claim damages in the court of law. The chief security officer
must undertake suitable measures to protect the position of a bank and counter the lawsuits of
affected clients. Apart from this, the legal team must be formed indicating to look after the interest
of the bank and secure that from litigation. This problem of spear phishing must be countered
urgently. This falls within the paradigm of a law of cybersecurity and misguiding the potential
clients of VL Banks (Solove & Hartzog, 2016). Moreover, the task has been leading to legal severe
outcomes for the bank. This has also been putting the impact on the operations of a business. Till
end, one requires to a side to come together for committing to develop regulations, tax credits and
incentive programs at Gold Coast. This is to promote sustainable development to define priorities to
conserve various sectors. This is also feedbacks for local communities. Apart from this more
development and research is also required in the areas of sustainable development for developing

3CYBERLAW, REGULATIONS, AND COMPLIANCE
constriction and engineering scopes are more to keep the goals that are sustainable to the
environment (Cole & McCullough, 2016).
c. Evaluating the coordination between VL Bank and CISO’s lawyer:
The present investigation needs joint collaboration between legal departments of VL Bank.
This has been taking place between the departments of information security of VL Bank. It also
includes legal counsel of the necessities of VL Bank. Moreover, regular meetings are needed to set
up to analyze advancements in investigations. Here, the coordination are required on top priority.
Most of the communication along with law enforcement is performed by the lawyer of VL Bank
(Tan, 2016). However, the agencies of law enforcement has been expecting to directly communicate
with CISO and additional employees of security. In this case the communication is needed to be
consistent and coordinated. The connections are required to be approved by the legal team. For
communicating effectively with proper details about the incident of legal team they have been
depending on the investigations and efforts of the security group. Further, the main focus of the
security team has been to collecting facts and the critical focus of the legal team have been applied to
the context under the legal regulations. They have been providing the form of communication with
agencies of law enforcement (Kulesza, 2016).
2. Demonstrating the ways in which cybercrime has been affecting the continuity
of VL Bank’s enterprise:
a. Understanding the ways in which VL Bank can utilize technology for preventing the
cybercrime in the present scenario:
In order to do away with various losses in future, the VL Bank must take complete benefits
of technology. This is to reinforce data against different attacks. Moreover, this is attained through

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developing firewalls inhibiting the access of cybercriminals as an attack of high importance take
place. Specifically, the measures are needed to be according to the standards of various regulations
that are already mentioned. Furthermore, the measures has been serving as assurances for the clients
that the financial wealth in secured hands (Reyes, 2016). Besides, VL Bank has been working under
the legal provisions for rectifying the massive dent in the image as the corporate body. Here, the
parties affected in the case are the customers whose overall investments are been tampered and the
bank. This also includes the banks since it bears the liability of considering costs of refund. Lastly, it
can be said that VL Bank requires to innitiate different internal audits and controls into their system.
This is helpful to entirely eradicate the weak elements that are highly needed.
3. Discussion on assurance controls and information security mitigating further
attacks at VL Bank:
a. Evaluating how the controls are aligned to various standards and regulatory requirements:
It is seen that the above section namely A3 has been demonstrating assurance measures and
information security. This is helpful to eradicate further attacks this type at VL Bank. The controls
has been aligned to different kinds of regulatory requirements. This also includes various kinds of
standards that are put forth by the FFIEC or Federal Financial Institutions Examination Council.
FFIEC has issues the guidance that states that the authentication for Internet Banking Environment.
For banks that has been providing Internet-based financial services, the principles has demonstrated
developed authentication processes and regulators (Larsen & Gilani, 2017). These are expect the
banks for using while the authentication of identifying the customers has been taking place. This is
done using online services and products. The examiners has been reviewing the sector to find out the
progress of financial institution. This complied with the guidance as the future investigations occurs.
They are expected to gain compliance having the guidance that than be later than 2006.

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The economic institutions have been providing the Internet-based services and products.
They must utilize the efficient processes for authenticating the identity of clients through using the
services and products (Duggal, 2016). The FFIEC agencies has been considering the single-factor
authentication while utilized as the control mechanism. This has been insufficient for various kinds
of high-risk transactions. This has included access to client information and movement of funds to
additional parties. The risk analysis has been providing the platform to determine the smart
authentication strategy. This is as per the risks related to different services and products that are
available to online clients. Further, the customer education and education has been continued to get
emphasized due to the effective deterrents to the online theft resources and sensitive data.
Moreover, FFIC is referred to as the formal interagency body that is empowered for
prescribing different uniform standards, report formats and true principles. This is the formal
interagency body of U.S. consisted of 5 banking regulators. This is empowered to prescribe different
uniform principles, reports formats and standards that promote uniformity in super visioning
financial institutions. This has also overseen the appraisal of real estate at the U.S. The regulations
remains in the title of 12 of the “Code of Federal Regulations” (Wright & De Hert, 2016). This is
regarding a federal examination of different economic business by the Board of Governors of the
FRM or Federal Reserve System. It was established by the U.S. Congress with three primary
objectives for different monetary policies in the Federal Reserve Act. This includes moderating long-
term rates of interest, stabilizing prices and maximizing employment. The objectives are meant to be
as the dual mandate of Federal Reserve. The duties have been expanding over the years. It has
involved regulating banks and supervising, controlling the stability of the economic system. It has
provided economic services for depository institutions, foreign official institutions and U.S.
government (Dent, 2018). Moreover, FED has conducted researches to the economy and has been
delivering various publications like FRED database and Beige Book.

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The current case also includes NCUA or National Credit Union Administration, FDIC or
Federal Deposit Insurance Corporation. Moreover, it also comprises of OCC r Office of the
Controller of the Currency, CFPB or Consumer Financial Protection Bureau. These are helpful to
create recommendations for promoting the supervision of economic institutions. The NCUA or
National Credit Union Administration of NCUA is an Independent Federal Agency developed by
United States Congress for regulating, chartering and supervising federal credit unions. Having the
backing of the complete faith and credit of U.S. Government, NCUA has been managing and
operating the “National Credit Union Share Insurance Fund” (Smith, 2016). It has insured deposits
of more than hundred million account holders in every federal credit unions and the overwhelming
majority of different credit unions that are state-charted. The FDIC or Federal Deposit Insurance
Corporation is the corporation of United States Government Corporation. They have been providing
deposit insurances for depositors in savings institutions and the U.S, commercial banks. This was
developed by the 1933 Banking Act. This was enacted as the Great Depression was going on for
restoring the trust in American Banking System. Further, it was seen that more than one-third of the
banks failed in the years prior FDIC was developed. The bank runs been common (Lev Aretz &
Strandburg, 2018). Besides, the insurance limit has been at first 25,00 US dollars initially in every
ownership category. This has been increased multiple times in due years. As the passing of the
Dodd-Frank Wall Street Reform and Consumer Protection Act in 2011 has been taking place, The
FDIC has been depositing the member banks till 250,00 U.S. dollars every ownership category
(Werbach, 2016).
Apart from this is the document known as “Authentication in the Internet Banking
Environment” as published by FFIEC, it has demonstrated the deploying of something a person
possesses that involves the taken device consisting of a screen displaying the OTP or One Time
Password. Hence, these measures that are mentioned in section A3 aligned effectively with the

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FFIEC. The guidance applies to commercial customers (Kharb, 2018). However, this has never been
endorsing any specific technology. These economic institutions have been using guidance while
analyzing and deploying authentication practices and systems. This is whether they are delivered
internally by service providers. Though the guidance has been focused on risk management
techniques and risks related to Internet delivery channel, the principles apply to every formats op
activities of electronic banking (Omotubora & Basu, 2018).
Conclusion:
The above task has been providing transparency for customers, decrease the risks for banking
client’s avoids for misuse for banks for reasons such as money laundering, allow clients for a bank
with confidentiality for VL Bank. It is also helpful for allowing consumers to perform banking with
confidentiality, prevent various crimes, prioritizing bank lending as the social and economic
priorities, deliver similar scopes and fair banking priorities. This is also helpful for developing
agreements of credit cards fair to clients, present banks from making unfair loans to various insiders
such as principal shareholders and officers. It has been helpful for customers for reasonably raising
disputes and setting various goals.

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References:
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Dent, C. (2018). Taking the Human out of the Regulation of Road Behaviour. Sydney L. Rev., 40, 39.
Duggal, P. (2016). Cyber Terrorism And Cyber Law-Duties Of Service Providers. International
Review of Information Ethics, 25, 19-23.
Kharb, D. (2018). Cyber Law.
Kulesza, J. (2016). Rethinking cyberlaw: a new vision for Internet law.
Kyobe, M. (2015, June). Towards a Framework for analysing impediments to cyberlaw compliance
in Africa. In Paper Proceedings of Second International Conference on Interdisciplinary
Legal Studies 2015 (p. 55).
Larsen, K., & Gilani, S. (2017). RegTech is the New Black-The Growth of RegTech Demand and
Investment. Journal of Financial Transformation, 45, 22-29.
Lev Aretz, Y., & Strandburg, K. J. (2018). Better Together: Privacy Regulation and Innovation
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26, 2018).
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Reyes, C. L. (2016). Moving beyond Bitcoin to an endogenous theory of decentralized ledger
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and Regulations.
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Werbach, K. (2016). The Song Remains the Same: What Cyberlaw Might Teach the Next Internet
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