Information Technology for Business

Running head: INFORMATION TECHNOLOGY FOR BUSINESS
INFORMATION TECHNOLOGY FOR BUSINESS
Name of the Student
Name of the University
Author Note

1INFORMATION TECHNOLOGY FOR BUSINESS
Table of Contents
Introduction....................................................................................................................................2
About the organization.................................................................................................................2
Importance of IT within the organization...................................................................................3
IT in business survival..............................................................................................................4
IT for data protection................................................................................................................5
Use of IT in commonwealth bank...........................................................................................6
Advantages of IT in business..................................................................................................6
Risks associated with IT in Commonwealth.........................................................................7
Ways to improve IT functions..................................................................................................7
Conclusion......................................................................................................................................8
Bibliography...................................................................................................................................9

2INFORMATION TECHNOLOGY FOR BUSINESS
Introduction
The main objective of this assignment is to describe the recent breaches
associated with information security within a chosen organization. This report will focus
on describing the impact of IT on the business. The industry that is being considered for
conducting the research is banking and finance. Banking and finance is one of the
important industries for every country and hence it helps seen earning huge amount of
economy towards the country. Thus it becomes essential to identify the recent breaches
that are taking place within the sector. The organization that is being considered for this
assessment is commonwealth bank of Australia. Commonwealth bank of Australia is
one of the multinational bank that performs business across New Zealand, Asia, United
States and United Kingdom. This offers a wide range of financial services to words their
customers that includes business, retail and institutional banking, fund management
and also services related to broking. This is one of the largest banks associated with in
the Australia that focuses on providing best services towards their customers. This
report will focus entirely on describing the recent breach that occurred within the
organization and the importance of proper IT in performing the business activities.
About the organization
Commonwealth bank of Australia is one of the largest multinational banks that
offer several varieties of services to words the customers. The bank was established at
early December 1911. The organization focuses on providing better financial facilities
towards the users. However recently a data breach occurred within the organization that
lady to data loss of 20 million accounts. In the year 2018 the Commonwealth

3INFORMATION TECHNOLOGY FOR BUSINESS
organization stated that Around 20,000,000 users account got hacked and the data
associated with those accounts got breached. The accounts contained data related to
the employees and customers. These included the name, address and account
numbers, bank statement for that where is told from 2000 to 2016. In addition to this the
organization also identified that there were two tapes that got destroyed by
subcontractor. The organization failed to gather information related to this data
breaches. After analysing this major data breaches on a multinational organization it is
observed that there is a need to have proper knowledge that will help in managing the
IT infrastructure within the organization. Moreover with proper implementation of IT the
chances of breaches can be mitigated.
Importance of IT within the organization
Information technology plays major role wheat in every organization and every
field. Thus it becomes important to implement proper IT infrastructure that will protect
the organization from serious data breaches incidents. The Commonwealth bank of
Australia identified a recent data breached that caused a huge loss of data related to
their employees. Thus it can be stated that there is a high need to implement proper IT
within the organization. The major benefit that is often read the IT implementation in the
banking industry is that it helps in dealing with the challenges that are likely to impact
the economy. IT plays an important role in banking industry as it is related to economic
and can impact the customer is hugely. With the implementation of IT With in the
banking sector it becomes easy to manage the tasks. These offers better way of
handling the finance department and also offers different ways to enhance the working
of the banks. This provides a better way of managing the funds. The customer will be