Analyzing The Tjx Case Study

The Molex Corporation is an electronic connector manufacturing firm, which is based in Illinois. This company is facing a financial reporting problem in which the financial statements were overstated. Joe King ,the CEO of the company, was appointed in July of 2001, and was responsible for managing and inventory control, among other very important duties. Diane Bullock was hired in 2003, to replace the previous CFO. Both Bullock and King were being accused of what? by the external auditors, Deloitte & Touche, for not disclosing an 8 million pre-tax inventory valuation error.

A1. The Nature of the incident was that an employee was able to hack into the computer system and gain access to the financial payroll system, human resources and even email system. This employee used several methods in order to gain access into the system: IP spoofing, Data modification, Man in the middle attack and compromised-key attack. As a result the employee was able to tamper with payroll system. An auditor discovered the discrepancies and tried to make upper management aware of the situation through email, but the email was intercepted by the hacker. The hacker impersonated an employee and persuaded the auditor into granting him more access into the system which resulted in additional sabotage into the payroll system. Hacker

Issue 4: Information Security officials failed to effectively trigger appropriate notifications and begin an investigation of the stolen data. The information security official’s incident report contained omissions and significant errors. This resulted in missed opportunity to re-create the contents of the laptop and external drive and to recognize the severity of the potential loss of data. The cybersecurity operations officials failed to ensure a timely investigation and notifications were made regarding the severity of the lost data (Opfer, 2006).

A root-cause analysis of the security breach revealed multi-factorial issues at the technical, individual, group, and organizational levels. At the technical level, the applications and web-tools

As we have seen throughout the county, if the proper “tone from the top” is not emphasized or proper policies/procedures implemented and adhered to throughout, the company’s reputation, assets, stock values could be harmed tremendously. Some smaller enterprises might not be able to sustain a cyberattack and

This case study, written in 2009 is not the only case where a major data breach has occurred within organizations. In the late 2011 Sony’s PlayStation Network (PSN) was breached impacting up to 77 million user’s accounts including data on names, address and possibly credit card details. In late 2013 Target had a cyber-attack that compromised a large quantity of its data and had 110 million accounts compromised. Finally in September 2014 Apple had their iCloud server breached by hacking that compromised all the users of the online server. These occurrences still have some unanswered questions and several experts have yet to decipher the actual reason as to why the security breach occurred.

TJX authorities said that outcasts accessed the PC arrange that put away clients ' Visa, plastic, and check data. The data included was taken from stores the United States, Puerto Rico, Canada, the United Kingdom, and Ireland. A larger part of the information identified with people who shopped at its stores amid 2003, and amongst May and December 2006. The huge information break appeared

“Only one reporting entity, if any, is expected to be identified as the primary beneficiary of a VIE. Although more than one reporting entity could have the characteristic in (b) of this paragraph, only one reporting entity if any, will have the power to direct the activities of a VIE that most significantly impact the VIE’s economic

While all of these technologies have enabled exciting changes and opportunities for businesses, they have also created a unique set of challenges for business managers. Chief among all concerns about technology is the issue of information security. It seems to be almost a weekly occurrence to see a news article about yet another breach of security and loss of sensitive data. Many people will remember high profile data breaches from companies such as T.J Maxx, Boston Market, Sports Authority, and OfficeMax. In the case of T.J. Maxx, a data breach resulted in the loss of more than 45 million credit and debit card numbers. In many of these incidents, the root cause is a lack of adequate security practices within the company. The same technologies that enable managers can also be used against them. Because of this, businesses must take appropriate steps to ensure their data remains secure and their communications remain

Technology: it is obvious that TJX had several technology deficiencies mainly driven by systems limitations and vulnerability. For example, inadequate wireless network security allowed the hackers to attack specific stores just by using a laptop and an antenna which permitted the thieves access to the central database. As it was mentioned in the business case, TJX was using (WEP) as the security protocol and it is

The control that failed to mitigate the risk event was using WEP encryption technology. It was sufficient when it was developed, but approximately 2 years later the code was cracked. TJX knew and failed to address the obsolete technology. As a retailer that accepts credit cards, it was later proved that TJX was not compliant with PCI Security standards. PCI stands for payment card industry and credit card companies have developed this list of security measures to help protect against theft.

The analysis of 2,260 breaches and more than 100,000 incidents at 67 organizations in 82 countries shows that organizations are still failing to address basic issues and well-known attack methods. The (DBIR, 2016) shows, for example, that nearly two-thirds of confirmed data breaches involved using weak, default or stolen passwords. Also shows that most attacks exploit known vulnerabilities that organizations have never patched, despite patches being available for months – or even years – with the top 10 known vulnerabilities accounting for 85% of successful exploit “Organizations should be investing in training to help employees know what they should and shouldn’t be doing, and

The security incident management policy of Blyth’s Books is quite comprehensive in the aspect of the detection and reporting of information security events. Detection and reporting of a security incident is vital for an organisation’s survival. If an organisation’s stakeholders and employees cannot detect when an incident has occurred or have detected one but cannot report owing to the fact that how and whom to report to is unknown, the remainder of the incident management procedure which is aimed at getting the organisation back on its feet information security wise cannot be put into process. No one can handle or respond to an incident they have no knowledge of. The security incident management policy of Blyth’s Books was pretty comprehensive in outlining what security incidents are and how they could be identified by those covered in the scope of the policy. A review of Norwegian organisations and institutions performed in 2005 where strategies for data security incidents were analysed demonstrated that statistics

There were a number of factors that contributed to the breach, which had they been addressed or had corresponding mitigation responses in place, would have reduced the likelihood that the breach would have taken place, or at a minimum reduce the impact of the attack. These items range from policy related issues, technology implementations, and security management and maintenance. Although I believe a number of these areas were in the process of being addressed, based on the information gathered regarding the details of the incident, it appears that it was still in many areas insufficient and would not have prevented an incident even if there had been more time available to perform the implementations.

a significant amount of data security breaches are due to either employee oversight or poor business process. This presents a challenge for businesses as the solution to these problems will be far greater than simply deploying a secure content management system. Business processes will need to be examined, and probably re-engineered; personnel will need to be retrained, and a cultural change may be required within the organization. These alone are significant challenges for a business. A recent example of what is probably unintentional featured an Australian employment agency’s web site publishing “Confidential data including names, email addresses and passwords of clients” from its database on the public web site. An additional