IT Security Report: Addressing Data Breach in Banking Sector

This report focuses on a bank's data breach, analyzing the issue and proposing solutions. The report begins by outlining the problem, which involves a compromised encryption system and potential access to customer data. It then presents evidence, including the NDB scheme and the importance of ethical decision-making. The solution involves public notification, investment in upgraded software, and enhanced security protocols. The report emphasizes the potential consequences of inaction, such as legal charges, reputational damage, and potential shutdown. The conclusion stresses the importance of corrective actions to maintain customer privacy. The report also references the PageUp data breach as an example of the negative implications of failing to maintain appropriate cybersecurity policies.

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rofessional ra ti e in TP P c c I

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Table of Contents
ntrodu tionI c ...............................................................................................................................2
a ground of t e robleB ck h P m.......................................................................................................2
iden eEv c .....................................................................................................................................2
nter retation olutionI p (S )............................................................................................................2
Con lusionc ..................................................................................................................................2
eferen esR c ..................................................................................................................................4

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Introduction
T e e uestion raised in t is s enario is et erh k y q h c wh h t e C and t e o erationsh IO h p
anager s ould ta e reasonable ste s to o l it s e e and se urit easuresm h k p c mp y w h NDB ch m c y m
to i ro e ber se urit sin e t e en r tion s ste of t e ban as failed T e s o e ofmp v cy - c y c h c yp y m h k h . h c p
t is re ort in ludes ro iding infor ation to t e o erations anager M to el ih p c p v m h p m (O ) h p h m
understand t e issue and ro ide solutions to address t is issueh p v h .
Background of the Problem
al are as atta ed t e s ste of t e ban b using ass ords ertifi atesA m w h ck h y m h k y p w /c c
t roug i a ers an gain a ess to ersonal data of all lients T e en r tion s steh h wh ch h ck c cc p c . h c yp y m
of t e ban as been o ro ised and t e C did not ant to ta e an a tionh k h c mp m , h IO w k y c .
Evidence
s er t e s e e it is t e dut of t e o an to notif t is brea toA p h NDB ch m , h y h c mp y y h ch
a ro riate aut orities e en if it results in bad ubli it ennett T e arties usepp p h v p c y (B , 2018). h p
transa tional odel of o uni ation instead t e s ould a e used trans ission odelc m c mm c ; , h y h h v m m
of o uni ation to a e et i al de ision T e e a le of age ig lig ted t ec mm c m k h c c . h x mp P Up h h h h
negati e i li ations of failure to aintain a ro riate berse urit oli ies M ratv mp c m pp p cy c y p c ( cG h &
lu erB m , 2018).
Interpretation (Solution)
T e M s ould understand t is issue b dis ussing it it t e C and t e teah O h h y c w h h IO h m
leader T e s ould a e a ubli notifi ation as er s e e and use t e rofits of t e. h y h m k p c c p NDB ch m h p h
ban to i ro e t eir berse urit n esti ated a ount of illion s ould be s ent bk mp v h cy c y. A m m $10 m h p y
t e ban on u grading its soft are fire all en r tion s ste registr s ste andh k p w , w , c yp y m, y y m
database se urit roto ols t is a ount an furt er e eed after i le entation f t ec y p c ; h m c h xc mp m . I h
ban did not ta e t is de ision t en ri a of all illion usto ers ill be iolated andk k h c , h p v cy 2.5 m c m w v ,
t e ban ould fa e legal arges fro its usto ers i ould affe t its ublih k w c ch m c m wh ch c c p c
re utation and t e ban ig t a e to s ut do n its o erationsp , h k m h h v h w p .

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Conclusion
n on lusion t e M and t e C s ould ta e orre ti e a tions b i ro ing t eirI c c , h O h IO h k c c v c y mp v h
se urit s ste s to ensure t at ri a of usto ers in aintained be ause its negati ec y y m h p v cy c m m c v
onse uen es ould result in s utting do n t e o erations of t e banc q c c h w h p h k.

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References
ennett TB , . (2018).
in idents re orted under ustralia s ne data brea la s
300 c p
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ch w . etrie edR v
fro tt s i o in idents re orted under australias ne datam h p ://wh ch-50.c m/300- c - p - - - w- -
brea rulesch- /
M rat lu er CcG h, P. & B m , . (2018).
an details TF s ersonal details of ob a li ants
B k , N , p
j pp c
otentiall o ro ised in a or age data brea
p y c mp m
m j P Up
ch. etrie ed froR v m
tt s ab net au ne s australian data a be o ro ised inh p ://www. c. . / w /2018-06-06/ - -m y- -c mp m - -
ageu se urit breap p- c y- ch/9840048