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Equifax Data Breach Case Study Assignment

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Added on  2020-05-28

Equifax Data Breach Case Study Assignment

   Added on 2020-05-28

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Part 1. Analysis of Equifax data breach1.Important Cells Process/Psychological PitfallsExcessive optimismOverconfidenceConfirmation biasAspirational risk seekingPlanning1234Standards5678Information Sharing9101112Incentives13141516Operations17181920Cell number of most important cell = 1 - Excessive Optimism in PlanningSecond most important cell = 2 – Overconfidence in PlanningThird most important cell = 9 – Excessive Optimism in Information SharingFourth most important cell = 19 – Confirmation bias in Operations. 2. Psychology of risk, at the level of the individual = At the level of the individual, the most important issue pertaining to the psychology risk is thecell number 9 which is excessive optimism in information sharing. It is because of the fact thatthe Equifax Company has provided the software which ensures the identity and the data of eachindividual and it ensures that in the future the data cannot be shared and stolen. Due to thisexcessive assurance of success in future, the individuals have shared the data with the company. Another important cell is the number 2, which entails that the company has not done properplanning and rather has played over confidentially with the data of the individuals. 1
Equifax Data Breach Case Study Assignment_1
3. Heuristics and biases, at the level of the individual = The main cell pertaining to the heuristic and biases is the excessive optimism in planning. In thegiven case, the company in order to solve the problem has declared that the data has been lost orthe breach has been occurred at the level of one employee. The company has come to knowabout the fact of the data breach one month ago but they have not disclosed to the customers andalso have not followed any technique to detect the risks and vulnerabilities present in the currentInformation Technology Framework. Secondly the company’s management has not consideredthe data breach as important to solve it at early or disclose to the customers despite of receivingthe notice from the Cyber security authority to update the technologies and framework. Thus, thecompany is totally biased for its own survival and has not adopted true technology for correction.4. Risk styles, at the level of the individual = The cell number 9 – excessive optimism in information sharing has attributed to the risk style atthe level of the individual. As other credit bureaus, Equifax also stores the personal informationof the people. Board of directors of the company has informed that the company maintains theconfidentiality of data with its own identity software and will not be harmed in case ofinformation sharing. But this careless or insufficient curious attitude of the board has led theindividuals into risk of financial loss in the future months to come. 5. Two other important conceptual frameworks,for group and organizational decision issues = One conceptual framework that shall be developed is where the nominating and the governancecommittee of the company meet once in a year with chief executive officer of the company. Thismeeting shall mainly focus on the management issues, operations issues and other regulatoryissues that the company shall focus in next year so as to overcome any difficulty. For instance,the company shall have taken due measures to remove the possibilities of data breach. Fromdiscussion, twenty four topics will be picked and the monthly journal will be issued to all theboard members covering two topics on monthly basis. Second framework shall be developed where the regular rotation of the members of board ofdirectors shall be made and during the time of crisis no top management official can do theinsider trading. 2
Equifax Data Breach Case Study Assignment_2

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