What steps should trade company take immediately

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Reference no: EM133841017

Case Scenario

TRADE Company, a medium-sized retail business, recently experienced a significant cyber security breach. Hackers gained unauthorized access to their customer database, compromising sensitive personal information such as names, addresses, and credit card details of thousands of customers. The breach has resulted in financial losses, reputational damage, and potential legal consequences for TRADE Company.

Question 1: What steps should TRADE Company take immediately after discovering the breach?

Question 2: How can TRADE Company communicate the breach to its affected customers?

Question 3: What measures should TRADE Company implement to enhance its cyber security posture and prevent future breaches?

Question 4: What legal and regulatory obligations does TRADE Company have to fulfill following the breach?

Question 5: How can TRADE Company rebuild trust with its customers and stakeholders after the breach?

Activity: System Development Methodology Match-Up

Objective: To match system development methodologies with their key advantages and disadvantages.

Instructions: You are given four different SDLC methodologies and a list of disadvantages and advantages. You need to match each methodology with the corresponding advantages and disadvantages. Can you do my assignment for me? We sure can!

Methodologies:
Waterfall Methodology
Agile Methodology
Spiral Methodology
RAD (Rapid Application Development) Methodology

Advantages:
Allows for early prototypes and feedback.
Accelerated development cycle.
Easy to understand and manage.
Effective risk management
Faster time-to-market with frequent deliverables
Flexibility to accommodate changing requirements.
Clear structure and documentation
High customer satisfaction with frequent iterations

Disadvantages:

May be challenging to scale for large projects.
Limited flexibility for changes
Requires active customer involvement.
High risk of late changes impacting the entire project
May lead to scope creep if risks are not managed properly.
Requires highly skilled development team.

Not suitable for large, complex projects
Complex and time-consuming

Case 1
SCENARIO:
The CEO of a boutique hotel realized their business had become the victim of wire fraud when the bookkeeper began to receive insufficient fund notifications for regularly recurring bills. A review of the accounting records exposed a serious problem. At some point a few weeks before, the CEO had clicked on a link in an email that they thought was from the IRS. It wasn't. When they clicked the link and entered their credentials, the cyber criminals captured the CEO's login information, giving them full access to intimate business and personal details.

ATTACK:
Social engineering, phishing attack.
A phishing attack is a form of social engineering by which cyber criminals attempt to trick individuals by creating and sending fake emails that appear to be from an authentic source, such as a business or colleague. The email might ask you to confirm personal account information such as a password or prompt you to open a malicious attachment that infects your computer with malware.

RESPONSE:
The hotel's cash reserves were depleted. The fraudulent transfers amounted to more than $1 million. The hotel also contacted a cybersecurity firm to help them mitigate the risk of a repeat attack.

IMPACT:
The business lost $1 million to an account in China. The funds were not recovered.

DISCUSS:
Knowing how the firm responded, what would you have done differently?
What are some steps you think the firm could have taken to prevent this incident?
Is your business susceptible to this kind of attack? How are you going to reduce your risk?

Case 2

SCENARIO:
A health care system executive left their work-issued laptop, which had access to over 40,000 medical records, in a locked car while running an errand. The car was broken into, and the laptop stolen.

ATTACK:
Physical theft of an unencrypted device.
Encryption is the process of scrambling readable text so it can only be read by the person who has the decryption key. It creates an added layer of security for sensitive information.

RESPONSE:
The employee immediately reported the theft to the police and to the health care system's IT department who disabled the laptop's remote access and began monitoring activity. The laptop was equipped with security tools and password protection. Data stored on the hard drive was not encrypted - this included sensitive, personal patient data. The hospital had to follow state laws as they pertain to a data breach.
The U.S. Department of Health and Human Services was also notified. Personally Identifiable Information (PII) and Protected Health Information (PHI) data require rigorous reporting processes and standards.

After the theft and breach, the health care system began an extensive review of internal policies; they created a discipline procedure for employees who violate security standards. A thorough review of security measures with internal IT staff and ancillary IT vendors revealed vulnerabilities.

IMPACT:
The health care system spent over $200,000 in remediation, monitoring, and operational improvements. A data breach does impact a brand negatively and trust has to be rebuilt.

Case 3

SCENARIO:
The CEO of a government contracting firm was notified that an auction on the dark web was selling access to their firm's business data, which included access to their military clients database. The CEO rapidly established the data being ‘sold' was obsolete, and not tied to any government agency clients. How did this happen? The firm identified that a senior employee had downloaded a malicious email attachment, thinking it was from a trusted source.

ATTACK:
A phishing attack where malware is in the attachment of the email.
A phishing attack is a form of social engineering by which cyber criminals attempt to trick individuals by creating and sending fake emails that appear to be from an authentic source, such as a business or colleague. The email might ask you to confirm personal account information such as a password or prompt you to open a malicious attachment that infects your computer with a virus or malware

RESPONSE:
The company's IT management immediately shut off communications to the affected server and took the system offline to run cybersecurity scans of the network and identify any additional breaches. The firm's leadership hired a reputable cybersecurity forensics firm. Each potentially impacted government agency was notified. The U.S. Secret Service assisted in the forensics investigation.

IMPACT:
The operational and financial impact from the breach was extensive - costing more than $1 million: The company was offline for several days disrupting business; new security software licenses and a new server had to be set up.

Reference no: EM133841017

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