Cyber Attack And Information Security †Myassignmenthelp.Com

Questions: What was the problem? Who were affected due to the data breach? How did the problem occur? Why did the problem occur? What are the solutions of the problem? Answers: Intoducation Scottrade bank recently faced a security data breach of its database in April 2017. It had a database of more than 20000 customers. The data base was not secured properly and it was left open to the public. Chris Vickey who was the MacKeeper researcher created the database which was designed on March 31. Vickey informed that the copany was contacted by him and later connected to a staffer on the Scottrade bank (Ablon et al., 2016). The security team of the Scottrade bank assured to make the information secure. After some days he informed about the resolving of the problem. But the data was leaked eventually in the month of April. The customers who lost their data included personal details, credit cards details and also their account details. The number of credit cards profile which was exposed is more than 48000. Also the social security numbers, names, addresses and phone numbers were also exposed due to the data breach (Young, 2014). These data are undoubtedly most confidential acc ording to priority list on the basis of security level. This data should be secured by the bank and the exposure of the data was really unexpected and created lack of reliability in the customer. On April 2 it was first informed by a third party vendor named as Genpact. Genpact informed that the data set was informed to a cloud server that did not made the security protocols in a correct way (Federgreen Sachs, 2015). Due to this reason the information was not secured at all. That file included information regarding the loan application information which was a small B2B unit placed in Scottrade bank. It had a non public information of more than 20000 people and businesses. Due To the security breach undoubtedly the 20000 people and businesses were affected as their confidential data was exposed to public. Any unwanted access of those data can lead to a high damage of the data. Information like phone number, address, names was exposed due to that data breach. Some details regarding the information of the credit card was also left exposed due to the security breach (Gao, Zhong Mei, 2015). The amount of information was not in a small range and the people loosed their reliability on the bank. The bank was also affected in terms of reliability issue with the customers. The bank was really affected in terms of customer satisfaction. It was task of highest priority of the bank so that the bank can make the security with highest priority. Any hacker could take the advantage of making the insecure data in their own purpose. The data breach was happened due to the lack of proper security set up of the information. On April 2 it was first informed by a third party vendor named as Genpact. Genpact informed that the data set was informed to a cloud server that did not made the security protocols in a correct way. Due to this reason the information was not secured at all. That file included information regarding the loan application information which was a small B2B unit placed in Scottrade bank. It had non public information of more than 20000 people and businesses (Gray, 2015). It is also informed that the data set was also not encrypted. The data can be easily accessible by the unwanted people due to the lack of security features like encryption. The main issue in this case was that the third party vendor was unable to deliver the security features to the banking portal. The problem took place due to many factors. The designer of the security system was unable to make the system properly secured. Chris Vickey who was the MacKeeper researcher created the database which was designed on March 31 (Peltier, 2013). Vickey informed that the company was contacted by him and later connected to a staffer on the Scottrade bank. The security team of the Scottrade bank assured to make the information secure. After some days he informed about the resolving of the problem. But the data was leaked eventually in the month of April (Renaud, 2017). The third party was also unable to make the data security assured. Zenpact which was the third party responsible for the design of the security system related to the banks information was unable to stop the Data loss. Genpact informed that the data set was informed to a cloud server that did not made the security protocols in a correct way (Kuo Varki, 2014). Due to this reason the information was not secured at all. That fi le included information regarding the loan application information which was a small B2B unit placed in Scottrade bank. It had no public information of more than 20000 people and businesses. It is also informed that the data set was also not encrypted. Here are some solutions to the security problems which are given below. The information of the banking system should be secured with encryption (Kwon Han, 2017). Encryption makes a data in coded form so that the unauthorised access can be stopped. The access of the third party vendor should be more restricted. If the third party vendor makes any security feature then that should be verified. Antivirus and the firewalls should be more powerful and updated. The software and the hardware system should be uddated and maintained frequently. References Ablon, L., Heaton, P., Lavery, D., Romanosky, S. (2016). Data Theft Victims, and Their Response to Breach Notifications. Federgreen, W. R., Sachs, F. E. (2015). U.S. Patent Application No. 14/618,434. Gao, X., Zhong, W., Mei, S. (2015). Security investment and information sharing under an alternative security breach probability function. Information Systems Frontiers, 17(2), 423-438. Gray, M. F. (2015). U.S. Patent No. D746,305. Washington, DC: U.S. Patent and Trademark Office. Kuo, H. C., Varki, S. (2014). Are Firms Perceived As Safer After an Information Breach?. ACR North American Advances. Kwon, S. M., Han, C. H. (2017). Empirical Investigation on Information Breach Effect on the Market Value of the Firm: Focused on Source and Long Term Performance. Journal of Society for e-Business Studies, 21(2). Peltier, T. R. (2013). Information security fundamentals. CRC Press. Young, E. (2014). Educational privacy in the online classroom: FERPA, MOOCs, and the big data conundrum. Harv. JL Tech., 28, 549.