Equifax Data Breach: Corporate Social Responsibility and Ethics

This report provides a comprehensive analysis of the Equifax data breach, focusing on its implications for corporate social responsibility (CSR) and business ethics. The report begins with an introduction to the Equifax data breach and its context, highlighting the company's role as a credit bureau and the severity of the 2017 breach. The report then delves into CSR, examining how Equifax violated CSR principles by failing to protect sensitive customer data. It applies Carroll's four-part model to analyze the economic, legal, ethical, and philanthropic responsibilities that Equifax failed to meet. The analysis continues by applying normative and descriptive business ethics theories to the case, including utilitarianism and egoism, to evaluate the ethical dimensions of Equifax's actions. The report also considers stakeholder perspectives, including those of shareholders, employees, and customers, to assess the impact of the breach on various groups. The conclusion summarizes the key findings and emphasizes the importance of ethical conduct and robust data security measures in the business world. Finally, the report includes references to support the analysis and findings.

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

which imperatively brings on functional rise within goodwill. Philanthropic
responsibility further synchronises wider scale revenue productivity, which enhances
strengthened corporate expansion rapidly. The case study, Equifax as one of the best
financial bank company further should also evolve towards social society contribution
(DIAMASTUTI and et.al, 2021).
From the above analysed aspects within CSR model, further evolved focus towards
competent productivity where stakeholders accountability has been hurt by Equifax bank.
Furthermore, company has mislead people by leaking data of various users and also
technical breakdown on data safety standards. Furthermore, it is also crucial for
strengthening corporate scale wider diversity for keeping up long term benchmarks within
longer run for stringent growth. Privacy and data safety standards must be maintained, for
strengthening corporate culture productivity within wider longer run where Equifax
should further aim to evolve on keeping up CSR values.
PART 2- Applying normative and descriptive business ethics theories
The normative and descriptive business ethics theories have further correlation for
strengthening implementation of business ethics theories practically within longer strategic
run which enhances stringent growth standards.
Normative ethics: The normative ethics involves creation and evaluation of morale
standards, where current moral behaviour among stakeholders are analysed, where it further
heads on stronger focus towards gaining expertise actively. From Utilitarianism view point,
within descriptive ethics analysis it has been analysed that company was unethical and failing
CSR values, as there is functional strong responsibility towards stakeholders. This factor
signifies focus towards keeping up stakeholder’s precise information, without any self
interest for profitability which encompasses functional strength within productivity. CSR
values were also violated by Equifax, as data breaches has lowered safety standards and
privacy of customers intact, which lowered varied long term goodwill targets (Dunbar and
Shi, 2021).
Furthermore, egoism aspect within normative social ethics theory signifies focus on
operational factors where Equifax decided to sell multiple stocks to survive the financial
fallout. The company self-interests lead to CSR values violation where flaws in cyber
security has been presented as major factor which lead to data breaches, of private
information of customers. This further also brings on competent focus towards specific aspect

where Equifax has shared responsibility on building monitoring platforms, for keeping up
customers financial record information intact. It should hold concerns for productive
goodwill benchmarks among internal and external stakeholders, which heeds on focus
towards evolving new advanced CSR standards. Equifax should further also evolve
productive aspects, for determining stringent growth rise on scaling up competencies within
CSR factors for corporate accountability in business arenas. This further also synchronises
stronger new advancement to potentially bring on equitable new functional rise for evolving
on goodwill parameters, by reporting and checking data security systems. Protocols and legal
aspects must be further evolved to develop safety within customer data safety parameters, for
strengthened innovation and creative new technical rise. Equifax need to also use technical
expertise for data safety intact, also for measuring best systems to keep measured
accountability standards which builds on goodwill diversely among stakeholders (Why Good
Ethics Are Now Big Business—And How To Embrace Them, 2020).
Descriptive theory: The descriptive theory synchronises, new range of corporate scale goals
which inclines focus for gaining performance parameters for wider scale competencies to
enhance goodwill accountability in check. The descriptive theory of ethics is easiest to
analyse involvement of people, for standards to claim functional expansion as per the varied
scale connective targets for keeping up CSR values intact. In case of Equifax, company has
been unable to evolve to keep data safety standards, where confidential information has been
misused affecting serious concerns on data management for internal and external
stakeholders. It has been unable to keep up privacy values intact, violating CSR values and
further also hindering data safety standards where descriptive ethics is from of analysis
theory, for which it further involves observation of moral decision making process with goal
of describing phenomenon.
The theory explains individual and situational factors of CSR, further brings on
functional growth towards productive paradigms for keeping accountability and data safety
standards under check. Equifax as one of the largest growing company has been found to be
illegally using customers private financial data records for its own good, where profitability
standards were not presented among stakeholders. The descriptive theory further
synchronises functional growth profoundly, where CSR values and ethical parameters should
be under control for enlarged efficiency goals within strategies. Case study analysis further
also connectively explains that descriptive theory, further synchronises fact that Equifax has
been unable to provide detailed accountability standards in check among all stakeholders.

The company has been unprofessional, where legally accurate data information were not
provided to stakeholders which further connectively reduced functional operations. It has
been found that bank financial accountability were kept hidden from stakeholders, which
reduced corporate standards accountability parameters (Naqvi, and et.al, 2021).
This further signifies focus on aspects where CS values, corporate functional scale
scenarios should be headed on corporate paradigms which leverage new accountability goals
for corporate social responsibility standards. There should be significant usage of best
technology to keep up productivity and quality standards under check within data safety
parameters, for strengthened new synergies for wider scale rise on productivity goals.
Equifax further should also head focus to keep financial statements clearly stated, to keep up
quality standards rise for efficacy performance rise on stronger synergies. This further also
proactively also explains keen essential aspects, where customers data safety standards
should be followed for long term revenue rise. This further also heads on focus towards
strengthened corporate culture standards governance, for keeping up transparency and
accountability goals at check for bringing CSR value at rise. Data breaches done at Equifax,
lowered functional aspects where customers private data records and financial data has been
used by company illegally, which hindered productivity within longer run.
Part 3- Stakeholders perspective
Stakeholders are an essential aspect which plays strong role for bringing on functional
growth rise among performance parameters, for strengthened new pace which connectively
brings on rise for dynamic goals. The analysis of stakeholders perspectives, further creates
performance benchmarks among new quality parameters for stringent performance rise
functionally towards new productive aspects within longer run. Equifax case study customers
stakeholders perspective, further creates strong role which will enable us to get detailed
impact and how varied CSR values have been further impacted (Barauskaite and
Streimikiene, 2021).
 Shareholders: Equifax shareholders hold high significant role for strengthened brand
value rise within goodwill standards, where global capital markets bring on varied
standards rise. Shareholders accountability has been hurt within case study, where
privacy and data breach further lowered productivity aspects where company has been
hindering growth by lacking effective record. The shareholders accountability
standards plays strong role for keeping up accountability on check, for building on

determinants connected towards wider domains functionally. Company financial
records and data has been misleading, as shareholders corporate social value were not
worked on for strengthened market value presence. Externally, it was found to be one
of the largest corporate scandal where data safety standards were hurt among
corporate fundamentals, which has reduced overall productive goodwill.
 Employees: Corporations at global marketplace, should be provided best scale aspects
of corporate value standards within company which also has impact on motivation
parameters for gaining best scale expertise. Equifax company has been unable to
provide detailed accurate transparent details on their performance, which reduced
accountability and specific impact on varied new determinants towards gaining
performance rise. The company financial information and data, has been misleading
towards providing accurate details to all employees which reduced morale and
motivation within longer run. The misleading information and lack of transparency
also lead to reduced work efficiency, and lack of coordination within employees and
leaders performance goals within longer run (Islam and et.al, 2021).
 Customers: The external stakeholders, which are customers have been most affected
individuals, whose data has been misleadingly used by company business operators
for their own profitability within businesses. It can be also analyzed that Equifax
lacked data security checkpoints, where the authenticity of data safety has been hurt
consistently impacting the productive goodwill within longer strategic run aspects. It
has been also significantly analysed that news coverage affected customers
interaction, with credit market aspects for bringing on reliable transparency standards.
Equifax has been violating legal obligations, to keep up data privacy intact and safety
standards while checking data safety laws for further competent performance goals.
The monitoring and lack of information within files further lead to fraudulent usage of
private financial records of customers, where long term goals have been hurt
specifically (Tibiletti, Marchini and Medioli, 2021).This further also signifies that
CSR values violation have strong impact on operational goodwill standards, for scaled
up competencies and higher scale functional expansion rapidly. Equifax need to
adhere towards legal obligations, for evolving on data safety standards compliance to
keep up regulatory frameworks systems effectively worked on.
 Government: Globally government is another keen accept within external
stakeholders, where maintenance of ethical standards are not worked on for gaining
wider scale functional expansion among cooperative business targets. Furthermore, it

also can be analysed that impact of Equifax data breach further caused government to
make changes in new legislations, for strengthening corporate transparency at check.
Data protection and accountability aspects have strong correlation, for bringing on
collective rise within revenue and goodwill parameters where Equifax has been
unable to evolve further for strengthening corporate scale goodwill. The government
legally holds liability to cancel license, and take strict actions in check for keeping up
quality standards rise on data safety. The company illegally leaked customers and
stakeholders private data information, for higher range of profitability for their own
good which lowered performance scenarios (Five Ethics & Compliance Trends to
Follow into 2021, 2021).
From the above analyzed aspects it can be concluded that stakeholder’s perspectives have
been strong role to bring on detailed functional growth impact on stronger new work
horizons for connective diversity. It can be also analyzed that Equifax data breach case
study has significantly explained crucial role of data safety standards, which enables to
gain accurate information fundamentally for productive revenue rise. This can be also
analysed that Equifax data breach safety standards further bring on rise towards
accountability, social corporate growth standards within longer business run.
CONCLUSION
From the above analysed aspects within report it can be concluded Equifax data
breaches case study has explained in detail, that company violated social corporate values to
keep customers data safe. The study concluded social responsibility evolving within company
business parameters, where illegal accountability violation has been reducing goodwill
among stakeholders. Further normative and descriptive analysis done within case study also
concluded CSR values impact, where Equifax has been illegally using private information of
customers for own benefit. The research concluded stakeholders, such as external customers,
employees and government where company reduced efficiency levels has been impacting
widely within business determinants.

REFRENCES
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