The Dangers Of The Global Financial Institutions

Technology has facilitated the use of transiting data. With that in mind, sensitive information must be kept within close safe guards. Failure to protect vital information may facilitate its retrieval by criminals or those with malicious intents to use that data unethically. Individuals with access to material non-public information may sell that information to an outside party for profit. Likewise, these individuals may harvest this data within their perimeters to use as ammunition to defraud or blackmail an organization. Employers need to be wary of the threat of insiders exposing sensitive information to outside parties. “An insider is anyone who has intimate knowledge of internal operations and processes, or trusted access to

Gatzlaff, K. M., & McCullough, K. A. (2010). The effect of data breaches on shareholder wealth. Risk Management and Insurance Review, 13(1), 61-83.

Financial - emergence of worldwide financial markets and better access to external financing for borrowers. By early 21st century it was possible to trade more than $1.5 trillion in national currencies on a daily basis due to expansion in trade and investment.. the rapid growth of these worldwide structures led to increased instability of financial structure globally (Greenspan, 2009). The following economic conditions of globalization aids successful business.

Security of information is crucial in any organization regardless of the activities it undertakes. As such, in the event you are developing a project, key interest has to be taken concerning the threats or risks likely to take place. It is imperative to handle either tangible or intangible issues associated to security. For GFI to regain its reputation, it is important to comprehend the security issues that should be handled. The report will describe various security efforts aimed at making GFI more secure.

Data breaches like these have serious implications for the business operations and could even lead to the collapse of the whole system, where the law is applicable the Company’s systems are put under supervision to make sure they meet the newest regulation for financial data protection and regular auditing to make sure the system is stable and secure.

Secondly, leaking company secrets can lead to major consequences for a company or even jupordize the company’s oppurinity for busniess. For example, in 1999, Lockheed Martin and Boeing, two international known areonautics companies, were competing for the same governmental contract for the Air Force rocket program. During this time, Ken Branch, who previously work for Lockheed Martin, left Lockheed Martin and joined Boeing. Branch knew proprietyary information on Lockheed Martin’s rocket engineering designs, and when he joined with Boeing, he brought 66,000 pages of Lockheed Martin documents to share with Boeing (). By Branch provide company secrets about Lockheed Martin, allowed Boeing to have an advantage on the competition, and Boeing eventually

People always think that the technology renovations, institutional changes and experience gains can make the world emerge from financial crisis saying that 'this time is different'. But they may be too optimistic. The outrageous truth is that each new financial crisis is not predicted or forestalled. As Reinhart and Rogoff said in their book 'This Time is Different', technology is changing, fashion is changing, but self-deception of governments and investors are not.

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

Data breach of personal information can be very disturbing. Even, where the breach involves accidental and unintentional misuse of information, if the breach affects many individuals, the scale of the breach may create greater risks that the information will be misused. For example, some of the results from breach are: financial loss, identity theft, loss of employment opportunities, humiliation, and social bullying at workplace. Also, data breach can cause loss of public trust in the agency, reputational damage, losing assets, legal liability, and breach of secrecy provision in applicable legislation.

An issue is described as a matter that is in dispute where unique perspectives are held in regards to what should be done (Sexty, 2017). One of the main issues that still plagues TD is data security and privacy. As a financial institution that heavily depends on telecommunication, the impact of a data breach could potentially be catastrophic. Examples of a negative impact include unintentional releases of confidential information or financial loss all deteriorate the public trust and sustainability of the bank (Corporate Responsibility, n.d.). However, it is evident that disaster can strike at any time. No matter how much security is implemented, a hacker just needs to find one way through and that is exactly what happened to a credit company called Equifax. Hackers were able to “break an Equifax online tool and access personal data of more than 143 million customers” (Wattles and Larson, 2017).

In some cases data will be infiltrated, or trade secrets/vulnerabilities will be sold by brokers to the black market!

A1. The most serious information security threat to most businesses today is their Reputation. Many well established business have a certain reputation in the market. But this reputation of theirs is destroyed by people working in the organization who leak information to cyber criminals and hacktivists. Criminals, after obtaining such information leak it or use it to blackmail the company for their own interest. New implementations of BOYC (bring your own cloud) and BOYD (bring your own device) also has their own risks.

Just after ten years of Asian financial crisis, another major financial crisis now concern for all developed and some developing countries is “Global Financial Crisis 2008.” It is beginning with the bankruptcy of Lehman Brothers on Sunday, September 14, 2008 and spread like a flood. At first U.S banking sector fall in a great liquidity crisis and simultaneously around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. (Global issue)

The potential of violations can come from numerous sources (Lawrence & Weber, 2011) (Consumer Information). Recently Equifax had a data breach of their customer’s personal information. The hackers accessed the names, social security numbers, birthdates, and addresses of 142 million American consumers (Consumer Information). This is frightening and happens more often that we think. According to PricewaterhouseCoopers executive, ”Cybercrime has emerged as a formidable threat. Over the years millions have fallen victim to theses attacks. In a survey of 583 U.S. companies, 90 percent said that hackers breached their company’s computers over the last twelve months (Lawrence & Weber, 2011). Cyber crimes occur when hackers attempt to damage or destroy a computer network or system of company’s data. Criminals will use one of the most harmful systems around. This system is called a zombie. A zombie is

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and