Cardholder 's Information At Citigroup Hacked Essay

785 WordsJun 16, 20154 Pages
Cardholder’s Information at Citigroup Hacked In this assignment I am discussing the Cardholder’s Information at Citigroup Hacked case study questions from chapter 13 of the Business and Society text. These questions are for the written week 5 assignment of the MBA 520 Leadership & Business Ethics in the Global Environment class. In this paper I will “apply ethical reasoning and create solutions to case study”. The emphasis of the Cardholder’s Information at Citigroup Hacked case study is managing technology and innovation. Citigroup Breach On May 10, 2011, Citigroup, a 200-year-old U.S. financial institution, discovered a breach in their credit card information systems (Lawrence & Weber, 2014). Upon the discovery, Citigroup acted immediately and started an internal investigation 24 hours later. The internal investigation took Citigroup 12 days to complete. On June 3rd, a notification letter was mailed to customers notifying them of the breach, and informing them that they would not be held liable for fraudulent charges. Public notification followed on June 9th, almost a month after the breach took place. Threat Notification Did Citigroup act quickly enough to inform customers of potential vulnerabilities to customers’ funds and identities, or should the bank have waited, as it did, until the internal investigation was completed (Lawrence & Weber, 2014)? Citigroup took a few weeks to inform authorities and three weeks to inform customers of the breach. This is way

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