Equifax’s Data Breaches: Analyzing Corporate Social Responsibility and Ethics

Equifax’s Data Breaches

TABLE OF CONTENT
INTRODUCTION......................................................................................................................3
TASK 2......................................................................................................................................4
PART 1- Corporate social responsibility`..............................................................................4
PART 2- Applying normative and descriptive business ethics theories...............................5
Part 3- Stakeholders perspective............................................................................................7
CONCLUSION..........................................................................................................................9
REFRENCES...........................................................................................................................10

INTRODUCTION
Corporate social responsibility plays strong role in today’s dynamic competitive
business world, where companies should legally adhere to all legal obligations for
strengthened new productivity aspects. Equifax data breach case study is one of the widely
known corporate scandal, where it has been making profits from selling personal information
of various customers. The report will further analyse corporate social responsibility
parameters for gaining functional focus, towards providing detailed aspects where Equifax
has been unable to keep up accountability of various stakeholders. Study will further also
analyse normative and descriptive theory analysis, where it will gain detailed efficacy
aspects where company productivity will be discussed. Report will also further analyse
stakeholder’s perspectives, and how they have been impacted by CSR violation in reducing
the corporate values.
TASK 2
PART 1- Corporate social responsibility`
Equifax data breaches has been analysed to be one of the most globally known data
breach example, where organisation has been violating corporate social responsibility aspects
by offering sensitive information to financial institutions and lenders. It has been analysed
that financial institutions need to keep customers private information and data safe, and not
violate corporate social responsibility factors. (Saleh, and et.al, 2021).The Equifax data
breaches has been found to be one of the worst data breaches in history, where information of
some 145 million people have been misused with lack of transparency and vital conducting
CSR factors. It has been found that hackers tool advantage within system flaw, where
company has been using customers private information and data for hacking which led to
data breach in longer run. CSR business based social purpose enables to maximise
investments in CSR business based social purpose, with clear theory of change for evolving
towards effective quality standards, concentrated efforts and partnering with expertise. The
usage of CSR embeds data protection and security in design of processes , with transparency
for users about collection of data and balanced profits with accountability standards. It can be
analysed that portion of revenues to awareness campaigns for citizens, with regard to data
centric methods should be focused on for gaining best corporate standards. CSR plays strong
role where Equifax has been at centre at one of the worst data breach, where information of
some 145 million people where system has been unable to keep privacy of users safe. System
flaw further led to hacking,

Carrolls CSR pyramid can be explained as framework that companies should adopt
whole taking up social responsibility towards stakeholder’s accountability, new specific
working standards and for gaining goodwill. The model will further analyse various factors
and responsibilities of bank, where chief security officers amid revelations have been
unprofessional to keep system synchronised as per data safety standards. CSR standards and
social accountability further enhances stronger role for productive rise, for determining new
connective targets within longer time frame.
 Economic responsibility: Equifax has strong role to focus on economic responsibility,
to keep profits in accountable format before external and internal stakeholders for
bringing on best expertise worked on. Economic responsibility further evolves strong
role to bring on technical expertise, higher working technical productivity within
longer strategic run which enhances goodwill. Economic accountability is crucial
among businesses for strengthened accountability standards rise, where accurate
information should be provided (Ali, Danish and Asrar‐ul‐Haq, 2020). Legal responsibility: Equifax operates legal responsibility towards consistent way in
accordance with government requirements and law complying with various legal
national and local regulations. The company must further evolve on legal
responsibility to meet legal obligations, for gaining functional expertise and
strengthened market presence which bring on rise for strengthened productivity. The
case study significantly presents aspects, where Equifax has been violating legal
responsibility to maintain legal factors to keep data safety. Ethical responsibility: Equifax ethical responsibility is connected to being on
consistent growth by being consistent within society expectations, recognising new
evolving ethical and moral standards among stakeholders. Preventing ethical
standards from being infringed by company is also crucial factor where, the case
study enables us to analyse Equifax has been unable to maintain ethical responsibility.
Acknowledging business integrity within longer time frame, holds high significance
as per compliance factors within law and regulations for strengthening corporate
diversity.
 Philanthropic responsibility: It is responsibility of businesses among companies in
today’s dynamic competent world, to further bring on investments for bringing
change in society and among stakeholders. This further connects towards bringing
CSR factors under practical implementation, by contributing to society on wide level