Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Essays on the Equifax data breach information
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Essays on the Equifax data breach information
Hello, Megan! Really great discussion board post this week. The Equifax breach just genuinely frustrates me. The fact that one of the three largest credit agencies suffered a data breach just proves that there is no such thing as being “secure enough”. There are a lot of articles out today claiming that Equifax had an earlier breach in March. I think what really frustrates me is the fact that so many people are affected by it; 143 million, as you mentioned. It is believed that a tool called Apache Struts is reason for the breach. The Apache Struts is a tool utilized not only by Equifax, but by other many large businesses and government organizations as well (Wattles & Larson, 2017). Equifax reportedly utilize this tool to support its online
dispute portal where customers go to log issues with their credit reports (Wattles & Larson, 2017). Apparently, Equifax was aware of this and attempted to patch the software, but of course, patching a software takes time. However, they did wait a month after the breach to notify customers and shareholders about it. Unpopular opinion, but sometimes I truly believe that some organizations don’t care enough about their customers and what’s at risk for them. After every known data breach, there are always articles on what that organization could’ve done to prevent it from occurring, and to be honest, I feel like if they really wanted to, they could’ve prevented it. Reference: Wattles, J., & Larson, S. (2017, September 16). How the Equifax data breach happened: What we know now. Retrieved September 19, 2017, from http://money.cnn.com/2017/09/16/technology/equifax-breach-security-hole/index.html
So just how did Scott Welch fit the profile of the average perpetrator? Based off the information reported by the Association of Certified Fraud Examiners’ (ACFE) 2010 Report to the Nation, Welch fit directly into the median for a perpetrator – he was male, between the ages of 46 – 50, had a tenure of at least 6 – 10 years, an executive position as a Vice President. According to the ACFE’s report a perpetrator’s position within the company, age, tenure, gender and education level all have a have consideration in a fraud. In the 2010 report, it is noted that 66.7% of all frauds are perpetrated by men, more than likely due to the fact that more men hold a position of authority. Of the cases studied, 74% of all managers and 88% of all owners/executives were men (Association of Certified Fraud Examiners (ACFE), 2010). The combination of Welch’s tenure and authoritative position may have exacerbated the losses suffered by Wachovia and may also have helped him hide the fraud from detection for an extended period of time of eight years (“Former Wachovia,” 2011). This period is well above and beyond the 24 months reported by the ACFE as the median time frame in which frauds perpetrated by executives/owners were detected (ACFE, 2010). Taking into consideration all the kn...
Wells Fargo account fraud scandal One of the most recent white-collar crimes involved Wells Fargo, a banking and financial services provider. In 2016, San Francisco-based bank Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts without permission of their customers. Opening about 1.5 million fraudulent deposit accounts and submitting 565,443 credit card applications allowed Wells Fargo employees to boost their sales targets and receive bonuses. Consequently, customers were wrongly charged fees for accounts they did not know existed. In this business crime scenario, Wells Fargo is involved in paying $185 million in fines and refunding $5 million to affected customers.
Another reason for Enron’s bankruptcy was the unnecessary personal spending by corporate managers. It was a direct loss to the company’s shareholders. In the later stages before its bankruptcy, the luxuries were paid from the company’s borrowing, as it had no real profits. Therefore in the later stages, the creditors were at a loss rather than its shareholders.
The Sarbanes-Oxley Act was drafted to encourage and protect whistleblowers from retaliation after the fraud scandal that cause the collapse of Enron in 2001. In a 2010 Senate Report found that “external auditors detected only 4.1 percent of uncovered fraud schemes, “whistleblower tips detected 54.1% of uncovered fraud schemes in public companies” and were thirteen times more effective than external audits” (Turpan, 2016). Whistleblowers serve an important service to the public and are more effective than external audits. The CFAA has been used to by employers to retaliate against employees who act as informants for agencies like Internal Revenue Service or Security Exchange Commission to expose fraud. There employees, not to their financial gain, gather information as evidence of fraud by the company. With a broad interpretation of CFAA, the employee would "exceed their authority" and was "unauthorized" to access the information, therefore allowing the company to hide their illegal
Riley, M., Elgin, B., Lawrence, D., & Matlack , C. (2014, March 13). Target Missed Warnings in Epic Hack of Credit Card Data - Businessweek. Retrieved from http://www.businessweek.com/articles/2014-03-13/target-missed-alarms-in-epic-hack-of-credit-card-data
The costs associated with the online banking operation were out weighted by the benefits provide by the program. Resource had to be taking from other areas of the bank in order to start the program, which included creating the website, make it secure and promote it to customers. However, many benefits also came with the creation of this program. The first would be that it changes the patterns in customer uses of different banking channels. In active users of online banking there were drops in the use of some on the other banking channels. Another benefit is the retention that was created by online banking. This happened because once a customer entered all their information they saw it as a buried to switch bank and have to do it all over again. Therefore, customers would stay more and longer with their current bank.
The circumstance for the exposure to the fraud was Raju’s acquisition attempt. Both of the companies were owned by his two sons, with the companies valuing at US$1.3 billion and US$300 million. There was immediate resistance from investors towards this deal. Although Satyam broke off the deal, they couldn’t undue the damage.
The public and many enforcement agencies tend to dwell on claimant fraud, as it is the most widely publicized (Beck). The fixation on claimant fraud has distracted the public and these enforcement agencies and policy-makers from growing evidence of the real problem: millions of dollars in employer and provider fraud.
Price and Sorrells shows that companies are taking too much advantage from the customer, the government, even though their trying, needs to start helping the people protect their privacy, and a balance between the amount of trust people should have giving out their sensitive records to which information is protected. A concern that is happening that the government and corporations is that personal information is not secured well enough. Price states how over 100 million sensitive records were hacked or lost in a year and the percent of increase in data breaches is 650 more than last year. Her description of how unreliable the government is with personal information by using logical and well researched information to put no faith and fear in the reader.
In this paper I will identify and analyze the Wells Fargo scandal as it pertains to the breakdown of leadership and ethics. I will first identify and analyze the event and discuss the challenges and conflicts the scandal presented. Then I will evaluate the issue by explaining why the issue has interest and concern to stakeholders followed by discussing the challenges presented to individuals and/or organizations around this case. Lastly, I will recommend action steps that should be taken to those involved as well as discuss what I have learned from exploring this topic.
5. The thing that you will need to implement is the disabling of all unnecessary ports and services on the POS devices.
"This is why the market keeps going down every day - investors don't know who to trust," said Brett Trueman, an accounting professor from the University of California-Berkeley's Haas School of Business. As these things come out, it just continues to build up"(CBS MarketWatch, Hancock). The memories of the Frauds at Enron and WorldCom still haunt many investors. There have been many accounting scandals in the United States history. The Enron and the WorldCom accounting fraud affected thousands of people and it caused many changes in the rules and regulation of the corporate world. There are many similarities and differences between the two scandals and many rules and regulations have been created in order to prevent frauds like these. Enron Scandal occurred before WorldCom and despite the devastating affect of the Enron Scandal, new rules and regulations were not created in time to prevent the WorldCom Scandal. Accounting scandals like these has changed the corporate world in many ways and people are more cautious about investing because their faith had been shaken by the devastating effects of these scandals. People lost everything they had and all their life-savings. When looking at the accounting scandals in depth, it is unbelievable how much to the extent the accounting standards were broken.
In The United States Of America, the Constitution is recognized as the Supreme law of the land. The Supremecy clause in Article VI of the Constitution establishes that Federal law is supreme when there are conflicts between State and Federal Law. Since the inception of the Constitution in 1788, only 27 amendments have been added to improve, correct, or revise the Constitution out of the thousands that have been discussed. In July 2017, Equifax announced that they had a major data breach, allowing hackers to obtain sensitive information from over 130 million Americans. Although the 4th amendment limits how government entities can obtain sensitive information, there is nothing in the Constitution preventing companies
By 2001 the telecommunications market was softening; meaning prices were falling due to an excess of supply and a decrease in demand as the dot com boom ended. WorldCom had already signed contracts with third party telecommunication companies promising to complete their calls. These multi billion dollar contracts were actually costing more in expenses than what the company would or was receiving in revenue (Sandberg, Solomon, & Blumenstein, 2002).
Accounting fraud refers to fraud that is committed by a company by maintaining false information about the sales and income in the company books, when overstating the company's assets or profits, when a company is actually undergoing a loss. These fraudulent records are then used to seek investment in the company's bond or security issues. By showing these false entries, the company attempts to apply fraudulent loan applications as a final attempt to save the company by obtaining more money from bankruptcy. Accounting frauds is actually done to hide the company’s actual financial issues.