Regulatory Issues Of The Private Sector

A direct cyberattack in 2014 to JPMorgan Chase caused a compromised of accounts effecting a total of 76 million households and seven million small businesses. We are clearly, in times when consumer confidence in the digital operations of corporate America is on shaky ground. In directly, banking is taking the brunt of the fallout but major stores also have breaches which of course are directly related to their financial data. Store like, Target, Home Depot and a number of other retailers have experienced major data breaches. 40 million cardholders and 70 million others were compromised at Target alone in 2013 and an attack at Home Depot in September, 2013 affected 56 million cardholders.

Walker, Russell. “Maxxed Out: TJX Companies and the Largest-Ever Consumer Data Breach.” Kellogg Case Publishing, 2013.

Companies have an obligation to protect their customer’s information, which goes beyond that of complying with state and federal regulations. If the company loses the trust of their customers, they risk the chance of damaging

The effective governance of cyber-risk is part of comprehensive good governance because like mentioned earlier, data is one of the most important asset a company could have. Since data nowadays is typically stored on files in the systems of their computers or in their clouds, it is necessary for them to have a strong management of cyber-risk in order to prevent any mishaps that can occur and can cause damages to the company. Also, if a company is

What do Premara Blue Cross, Anthem, Chick-fil-A, Sony, USPS, MCX, Staples, Kmart, Dairy Queen, SuperValue, Jimmie John's, Viator, Home Depot, PF Chang's, Community Health Systems, and JP Morgan all have in common? Each of these companies were hacked during 2014-2015. Sadly, this is just a short list showing the breadth of industries and size of operations that are vulnerable. According to Time Magazine in March, 2015, "You're not just imagining it: Lately, a new data breach has been reported almost every week."

On December 18, 2013, one of the security bloggers, Brian Krebs, posted in his blog that Target, one of the biggest US retailers, had suffered a massive data breach. The next day, Target announced that data from more than 40 million credit and debit card accounts had been stolen from its systems, and noting that they started a thorough investigation. Perhaps learning from Target’s mistakes, other organizations could achieve a goal of better protecting themselves and their customers’ information.

Legal actions are likely to be brought against organizations that have violated consumer’s privacy rights, or misled them by failing to maintain security for sensitive consumer information. Under, the proposed settlement agreements, which are subject to public comment, the companies are prohibited from misrepresenting the extent to which they participate in any privacy or data security program sponsored by the government or other approved organization.

Scholars are divided on the fundamental question of the Federal Trade Commission’s (FTC) adjudicative capacity under the FTC Act. The FTC uses a reasonableness standard and considers each company’s data security practices on a case-by-case basis. For more than a decade, the FTC’s enforcement of data security actions invoked under §5 of the Federal Trade Commission Act (FTC Act) resulted in consent decrees and settlements, subsequently scrutinized by practitioners as carrying as much precedential value as judicial opinions.

A recent increase in large scale data breaches has exposed a multitude of cybersecurity vulnerabilities that pose a definite risk to consumers (Lorio, 2017). In some cases, a data breach can distress an establishment so much that other organizations experience a backlash from the repercussions (Kosseff, 2011). The Equifax data breach of 2017 is a perfect example of this kind of event as it caused an overwhelming economic repercussion that affected other major corporations and more than 143 million credit card customers worldwide (Janakiraman, Lin, & Rishika, 2018).

Data breach is going to happen everywhere at some time. So far, Target has done a despicable job soothing customers. And companies better wake up about having their customer service outside the US. I hate it and imagine other Americans hate it too. I would like to know why the all-seeing, all knowing NSA can 't be the answer here. All we hear is how intrusive the NSA is and yet, when it comes to doing something you would think within its expertise, it comes up dumb as bricks. I think our civilian crooks are smarter than anybody we have who should track them down. To me, the real failure here is our own system. To think we are in danger from our NSA when it can 't find its own shoes is scary.

Since 2005 a total 895,605,986 were breached and 4,745 DATA BREACHES have occurred. According to the former national coordinator for security, infrastructure protection for the United States, Richard Clarke, believes that companies can be put into two types those that have been breached and know it and companies that have been and just don’t know it yet. With so many cyber breaches and personal data being released into the wrong hands has many companies wanting to strike back on their own. While this idea may seem reasonable I believe that companies should have a cyber strategy such as identifying assets, outline a plan of action, develop partnerships, and train their employees.

(2) to protect against any anticipated threats or hazards to the security or integrity of such records; and

FISMA was enacted to significantly increase the state of security pertaining to electronic information and the computing systems that store and transmit such data. The act provides a broad structure for agencies to follow in order to safeguard

All three companies suffered a breach of cyber security by hacking, which put customer personal and financial details at risk of being obtained and used for fraudulent purposes.

Another breach that I am familiar with due to being a customer is the Target breach in 2013. This breach was similar with TJX