A significant credit reporting agency known as Equifax suffered a substantial data breach in 2017, which resulted in compromising the personal details of approximately 143 million Americans. Consequently, this occurrence brought up crucial apprehensions regarding ethical responsibility and legal compliance. This paper delves into exploring various aspects concerning the legality concerns, moral dilemmas accompanied by assessing the incident's possible impact on Equifax's future while weighing upon its response adequacy to rectify it appropriately. The Equifax data breach had various legal compliance problems, particularly in relation to the company's inability to secure delicate consumer information as mandated by statutes such as the Gramm-Leach-Bliley …show more content…
This led to suspicions of insider trading and a violation of regulations set by the U.S. Securities and Exchange Commission (SEC) (Byars & Stanberry, 2018). While no significant repercussions were evident for this alleged transgression, it did chip away at trust towards Equifax's leadership team. Although Equifax fulfilled some of its legal duties, it failed to uphold the ethical obligations that come with managing confidential consumer information. Despite offering credit monitoring services to those affected by the breach as legally required, this response was insufficient from an ethical standpoint. Demonstrating a commitment to ethics would have necessitated complete transparency and timely communication of the security incident with consumers. Business practices rooted in morality surpass mere adherence to law; instead, they demand prioritizing stakeholder well-being (Byars & Stanberry, 2018). The reputation of Equifax was severely harmed by the data breach, affecting its competitive standing against Experian and …show more content…
In order to restore its reputation, Equifax should showcase openness and amplify security upgrades as reassurance for patrons while thwarting any future occurrences of such events. While Equifax's offer of free credit monitoring services to those impacted by the breach was necessary, its efficacy was insufficient in light of the extensive damage caused. Those whose personal information and Social Security numbers were compromised faced enduring risks associated with identity theft, making it imperative for a stronger response from Equifax than merely offering credit monitoring alone - which does not provide complete protection against potential fraud or identity theft. To act in an ethical manner, Equifax ought to have gone further than merely offering credit monitoring and instead provided more significant restitution as well as protection against identity theft. Moreover, the organization had a responsibility to revamp its data security systems and be open about implementing measures to prevent comparable breaches from occurring again in the
authorities think it’s not worth investigating. All types of identity theft is punishable by the U.S. law and the punishment can go up to 30 years in prison, fines, and criminal forfeiture. Also, corporations should take people’s information with more care. Data breaches online should never happen if the information was secured
Cybersecurity, it a vital part of daily life. Now with the world transitioning away from paper and becoming more reliant on the use of the ability to operate through some form of online apparatus. From the moment one unlocks the phone on their dresser they have become embodied in the use of cybersecurity. Logging into Facebook or Snapchat one is at the whim of the sites cybersecurity and privacy settings. Checking the balance in a person's banking account on their laptop from home requires the
The Power of the Profile When it comes to personal information in America, the genie is out of the bottle. As such, information security will continue to be a pressing concern especially to most of our top three-letter-agencies such as the CIA (Central Intelligence Agency), NSA (National Security Agency), DOD (Department of Defense), and HS (Homeland Security) as most of them are staffed with employees with top secret security clearances (also known as TS).When someone is given this clearance
ethical from any standpoint? This paper will discuss the ethics behind hacktivism. Ethics Merriam-Webster defines ethic as “the discipline dealing with what is good and bad and with moral duty and obligation”. As new technology enters today’s market, ethics and morals are not always clear to everyone. Ethics and morals can differ from one person to another, this factor along with the uncertainty that comes with new technology. Severson in 1997 talks about when Equifax and lotus notes were going to
checks as proof of the payments you have made. Ask your mortgage or car lender for a statement of payments already made and those to come with the amounts allocated to interest, princip... ... middle of paper ... ...re good starting places for individual planning efforts. Obtaining paper copies of important records; writing to service and utility providers requesting information on their compliance and contingency plans; making sure to have some cash on hand, extra prescription drugs, and a