Protection for Executives against Fraudulent Acts

Confidentiality is the protection of information from unauthorized access. This is the assurance that information provided has not been made known to unauthorized persons, processes or devices. The application of this security service suggests information labeling and need-to-know imperatives are core aspects of the system security policy. Information, in today’s world, has value and everyone has information they wish to keep secret. Information such as credit card details, trade secrets, personal information, government documents, and many more. It was stated (Securitas Operandi™, 2008) that, we are bound to keep many secrets – corporate, staff, and personal secrets. We must keep this confidential information under wraps and earn the trust of employers, colleagues, and regulators every day. Mechanisms to enforce this include cryptography, which is, encrypting and decrypting data, access controls such as

WorldCom are unable to detect fraud earlier because the lack of effective internal control. Internal control should help to prevent frauds in the company and to make sure the operations and business activities are run smoothly in order to achieve company’s objective. They should act as earlier line of defense against accounting error and accounting fraud. But, unfortunately, at WorldCom, there was a poor internal controls which allowed the accounting manipulation and many fraudulent activities had been

Modern organizations that utilize technology must now use their resources to protect themselves from malicious cybercrime activities. A “hacker” could illegally intrude into an organizations information network and use accounting software to mine information and steal assets at a relatively low risk of being caught.

Employee security training will provide definitions for some of the most relevant types of security threats and define how they can occur in a business environment. Employees will receive training on how to develop secure passwords and how to manage information intelligently. An important component in the Kudler Fine Foods program will be how to maintain confidentiality of private information and how to resist persistent requests for it. This will include cultivating habits that inhibit inadvertent disclosure of private information, particularly in public communications.

As such, our company’s people resources pose the greatest risk for security breach. Our way to help mitigate risk in this area is to keep communication lines open in this area and to continually mandate security knowledge training, with mandatory updates on a regular basis. When the employees are informed of company policy when facing a security matter, they are better equipped to act in the best or right way. In this way knowledge is power – or at least empowerment to act in the best interest of the company’s information security.

Ethical leadership is vital for the success of any business; this case study illustrates that the lack of moral values and a healthy ethically incline corporate culture, can lead to scrupulous behavior from the CEO all the way down the company. Scrushy had a demanding and cunning personality, and it was easy for his to influence others in his business to go along with the fraud. Also, having Stanwick and Stanwick, (2013) an active board of directors does have a positive impact on the performance of the firm. Also, good corporate governance supports the ethical requirements established by the stakeholders. A moral leader must cultivate a real ethically driven organization, which has no tolerance for unethical behavior.

In the final chapter of CompTIA Security + Study Guide eBook, it covers some great topics, key elements of implementation, support, and managing the security efforts in a company or organization. It’s important for IT Professionals to understand their role in a company/ organization. It’s also extremely important for them to understand the boundaries of security within that company/organization. Adopting best security practices while adhering to company policies will ensure that both parties are happy. There are many fines lines with security management.

Restricting access to sensitive information plays a vital role in the success of any organization. Information is deemed sensitive when it needs protection from unauthorized access. Protecting this information is essential in safeguarding security and privacy of an organization. Thus, an organization such as Bank of America has taken measures geared towards protecting its sensitive information from unauthorized access. Just like other organizations, Bank of America has two types of sensitive information. The first type of sensitive information is personal information. This is data that may affect an individual if

Countless companies from the smallest to the largest are losing billions every year to fraud and theft. A few types of thefts are:

A study conducted by the Association of Certified Fraud Examiners (ACFE) surveyed 959 cases of reported occupational fraud between 2006 and 2008. The report broke fraud into three categories: fraudulent statements, asset misappropriation, and corruption. Ninety-nine of the 959 cases reported financial statement fraud with a median loss of two million dollars, making it the most costly of the fraud categories. In general, the study found that publicly traded companies that had implemented SOX controls reported fewer losses (70 to 96 percent) than those who had not implemented SOX controls. These results imply that implementation of SOX controls are directly related to a reduction in theft and other fraudulent behaviors. Surprisingly, it was noticed that in companies where management must certify the financial statements, fraud took approximately three months longer to detect than in those companies where management was not required to certify the financial statements. However, due to the complexity and relative newness of SOX and the complexity of the businesses and the ingenuity of people, it is not surprising that SOX has not been a booming success. Hopefully, over time, all the wrinkles will be ironed out allowing for deterrence or immediate detection to be attainable. (Rappeport,

At this time the measures available to ensure information security include organizational controls such as limiting access to data, firewalls, antivirus systems, encryption, and application controls. When the security of the business fails and the private information of individuals is compromised the company faces many legal actions that can

As technology grows and information has become a critical asset companies currently are devoted their resource and money to protect their data as important as their finance and human resource assets.

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

Still, regardless of the accounts’ expertise, year after year there are cases ranging from small frauds at small business to massive scandals that outrage the financial market and the business world as a whole. The potential costs of unethical behavior are extremely high and can compromise the company’s reputation and even end up in a

Fraudulent, erroneous, and illegal acts committed by a public company, usually at a managerial or executive level, have been a very serious problem for many years and have prompted development of strict and updated regulations, such as the Sarbanes-Oxley Act, in an attempt to prevent these occurrences. Unfortunately, these new or updated regulations are not enough to prevent these acts from happening, thus not alleviating the auditors of their responsibility to detect fraud. Some methods that management and auditors can employ to prevent and detect fraud, errors, and illegal acts are: improving knowledge, improving skills,