Unit 4 - Discussion Board- Management Capstone MGMT659

Problem Identification, Impacts, Design of Research, and Literature Research (Week 1)

The problem that needs to be identified and address is Equifax being exposed to a data breech in their system. Which in return could have been prevent with proper data measures steps being implemented to protect everyone’s data. Due to, lack of monitoring and secure their consumer data information this cause a cybersecurity crime to occur on September 7, 2018. With then cybersecurity crime happen it cause approximately 143 million consumer data to become expose with this breech by March 2018 it went to over 148 million consumers (Fleishman, 2018). There was a report of unauthorized data access happening around May 2017 through July 2017. Equifax finally was able to identify when the unauthorized data access had taken place in July 2017 (Symanovich, 2017).

Unfortunately, it was too late to retain the information that was being hacked by the cybersecurity breeching their data. Equifax, cybersecurity incident cause over 148 million consumer and probably more to be have their data exposed. By the end of the year in 2017 the data breech cost was $439 million, resulting in breaking the record in cost of over $275 million. Equifax said that an insurance policy will cover $125 million of this breech incident. The chairman for the Ponemon Institute, Larry Ponemon said that the cost in damage of this breech can end up being more than $600 million (PYMNTS, 2018). This problem resulted in consumers, having their information hacked through Equifax systems. Causing about 182,000 consumers personal identification and driver license information to be expose. Consumer that were expose with their data form debit and credit cards were about 209,000 (Goodin, 2017). There were other data that was expose as well like the consumers social security numbers, online accounts containing their passwords and login information, (F.T.C., 2017).

For Equifax to resolve their issue they must address the root problem that cause this data breech, which is the cybersecurity. Even though, Equifax will have to take more additional steps to ensure their system have the proper measurement for securing their consumer data. I don’t think this will be a quick fix considering their system was hacked. Plus, with Equifax failing to properly monitor the access of the consumer information and files that was stored in their system. By Equifax, not keeping an account nor log as to user login and security measure they will to establish a plan with strategies to ensure consumers data will be protect with their company. With resolving this cybersecurity issue Equifax is offering the consumer free of charge services to utilize their credit monitoring, freeze, lock or unlock their credit files until Jan. 2018. They are providing the consumers adequate time to make sure that this situation does not occur again by protecting their data. In my opinion, it seems as though the consumers are doing all the work because they must report any theft on their credit accounts. Set up credit monitoring to make sure their information is not being expose to other third parties or other companies. Put a freeze, lock or unlock on their account so other companies and agencies can’t access their information. But, what is Equifax doing to resolve the cybersecurity breech on their end is the question? It seems like this is going to be an ongoing process because they are giving the current consumer services free of charge. While new consumer will have to pay a monthly fee to utilize these services.

Identify how the organization will be impacted if this issue is not resolved..

If Equifax does not resolve these issues then they are risking all the consumers and company data being breech again. Having to spend millions of dollars to try to resolve the data breech from occurring. Losing millions of consumers that are members and the ones that are willing to do business with them. Consumers posting bad reviews and comment about their company for not resolving the data breech at their company. Some of these consumers might seek taking legal action against the company for the unethical consideration of their data being breech and exposed to these cybersecurity hackers.

Identify consequences if the problem is not resolved.

Typical consequences that can occur if Equifax does not resolved these problems is having to pay out millions of dollars for lawsuits that are being filed. Resulting, in Equifax paying the fines or trying to have them tossed out when presented in court. Defamation of character for the unethical concerns and consideration on protecting consumer identity and privacy. Potentially, having to close their company due to the lack of taking and making the right measures to ensure the data was secure. These fines could result in someone or all doing potential jail or prison time for the continual data being breech without a positive turnaround of correction.

The research that will be done for Equifax data breech is to find out the real cause of the data breech. See how the cybersecurity crime gain access to all the consumer files and information through Equifax. Check the data number for the number of consumers that were affected to this breech. Locate all the updates that Equifax has done and is not doing to resolve the situation from continuing to happen. Search for the statics of consumers that were affect and was not affect that had their information with Equifax.

For this research to begin, I need to look at it from the qualitative and quantitative research standpoint. Using these fundamental will ensure that the information I’m collecting is accurate and efficient to the issues at hand. I will prepare surveys to see others opinion on how they feel about this breech occurring, and to see if they were affected by Equifax. Once, all the information is collect, gathered, analyze my findings. Then I will present my final notes on how I feel about the consumers and people being affected by this data breech with Equifax.

The research methodology for this research paper will allow you to see different opposing viewpoints for Equifax data breach effects on consumers. Also, opposing viewpoints for cybersecurity causing feuding between the republican and democrat since this data breach occurred. This I will move into qualitative research to state my finding on these dissertations for cybersecurity strategies to prevent data breaches with businesses, and the asset quality misrepresentation evidence from the RMBS Market through their financial intermediaries. Lastly, the mixed-method study from a student at Walden University for stating the generational consciousness for issues with your privacy that may be concerning.

There are five annotated bibliographies that, I will be using to compare between all the annotations. I will provide images on Equifax data breach with using the qualitative research method. To help better describe my ideas and opinions for the drastic effect this data breach has had on consumers, politics, and people in general. When there is a cybersecurity incident you must protect your identity and information from being place in the wrong person hands. Because, once this happen you will not be able to trust anyone with your information and identity ever again. So, we will look at different strategies and technique you can used to keep your information private and not exposed on the internet and companies.

This approach will help others understand the difference with qualitative research verse quantitative research with the data breach on consumers. Along, with the type of research you will need to analyze, search, collect and gather the necessary data to formalize the outcome for resolving the issue. Data breach not only effects the businesses but the consumers as well because they are exposed around the world. So, the consumers will have to check and see what information has been shared with other people, and to see if their information has been used by other people or companies. Below, there will be three pictures to address my findings for data breaches. The first picture is pertaining to a list on qualitative research vs quantitative research data being collect for breaches. The second picture is to show the effect on consumers process with being exposed to data breach and how this can occur. Lastly, the third picture will be on the risk analysis components for cybersecurity concerning security programs with companies that offers intel.

Tompor, Susan. "Equifax breach effects linger." USA Today, 20 May 2019, p. 01B. Opposing Viewpoints in Context, http://link.galegroup.com/apps/doc/A586054220/OVIC?u=tec_u_online&sid=OVIC&xid=cd8ab7ec. Accessed 15 July 2019.

This article came from USA Today by columnist Susan Tompor discussing how the consumers are still fuming after the Equifax data breach surface in September 2017. There were up to 43 percent of complaint made by the consumers to the Consumer Financial Protection Bureau. Also, there were 23 percent consumers started making complaints back in 2016 before the data breach had occurred. This in return provided CFPB with the opportunity to start collecting and analyzing the data until Jan. 14, 2018. By this time, they were able to see that it was a total of 257,000 consumers complaints counted bring the total to almost 1.2 million within a seven year expand.

The good thing was that 223,000 of those complaints from the consumers were able to be reimbursed their money. The Consumer Financial Protection Bureau paid out more than 12.4 billion of dollars to help provide relief to these consumers. Senator Elizabeth Warren and a group of democrats were very upset by this breach happening and causing people social security information to become exposed. So, they started a legislation that would help credit reporting agency pay the consumers one hundred dollars if their information is compromised. By agreeing to this Senator Warren states, "Under this bill, Equifax would have paid at least a $1.5 billion penalty for their failure to protect Americans' personal information," according to Warren. Since this data breach happened with Equifax the Federal Trade Commission and CFPB have closely monitored this company to make sure this does not happen again. While trying to correct the complaints of about 61% of consumer that are having issues with incorrect information on their credit reports as well.

"The Cybersecurity 202: Republicans and Democrats are feuding over the Equifax breach." Washingtonpost.com, 11 Dec. 2018. Opposing Viewpoints in Context, http://link.galegroup.com/apps/doc/A565348199/OVIC?u=tec_u_online&sid=OVIC&xid=6358b52f. Accessed 15 July 2019.

This article is from the Washington Post by Joseph Marks stating how republicans and democrat are arguing over the breach that occurred with Equifax. The key to this is the fact that over 140 million Americans’ data was breach by security failures that the republicans reported. Causing the democrats to show their consumer credit report backlashing at the republican for not promoting laws to prevent occurring data breaches using new cybersecurity laws. This feuding went on for some time with the democrats wanting to implement laws that would help the consumers with financial penalties for breaches and federal cybersecurity efforts being regulator as well. While the republicans only wanted to study the regulatory powers. As stated, "The sides have essentially come to different conclusions about the role of government in cybersecurity," Jacob Olcott, a former cyber staffer in both the House and the Senate, told me. "The Republican members put out a very comprehensive analysis of the event. ... and the Democratic version of the report is: 'We sat through the same meetings and here's what we think should be done.' "

The republicans came up with a bill that would help improve the internet security making sure all device meets the basic standards for cybersecurity. Rep. Kelly thinks these devices if are secured properly than this will help American citizens not be subjected to their information being shared. But if the national security devices are not secure then, "Everything from our national security to the personal information of American citizens could be vulnerable because of security holes in these devices." According to Kelly. Rep. Kelly is hoping that the draft to the bill get passed in Aug. 2017 on this subject. With the cybersecurity they are trying to come to an agreement with the European Union and the U.S. to help with consumer security. This will help with consumer making purchase decision to protect their data and personal information with companies. The government is allowing Google to shut down the Google+ five months early to run tests for security bugs and another social network will be doing the same as well. Google+ and other social media sites have been hack by cybersecurity resulting in the consumers information being shared involuntary. Therefore, Google+ and other sites had to shut down, the Google chief Sundar Pichai had to testify before the house judiciary committee concerning their company because they didn’t have the proper security measures to prevent cybersecurity attacks.

The problem was identified late due to Equifax not having taken the proper security measures at their business. With the data breach occurring with Equifax it made history causing the CFPB and the Federal Trade to get involve to resolute the problems. This even causing conflict between the republicans and democrats for wanting to implement bills to help protect the American citizens from having their information being exposed. The problem was identified as cybersecurity hacks with Equifax system files being corrupted. Resulting in over 148 million of people being exposed to this incident and the CFPB having to pay out billion and trillions of dollars to over thirty-one consumers. Also, other problems that must be measure is misrepresentation of information with sales of mortgages and finding the loophole that they are using to increase the interest rates and get away with it.

The type of measurements that needs to be implement for Equifax and other business to not become effect with data breaches. First, make sure all the technology is advance at the businesses along with the proper security measures being addressed and taken as well. Next, monitor all documents and system files at your business and perform weekly reports on your systems. Provide security questionnaires to the consumers to protect their information being hacked. Allow input from the consumers and other staff on any changes that needs to occur in order to closely monitor your business from being cyber hack again. Make sure your business in reliable, trustworthy, and accurate with securing all consumer information and you have all the resources, and tools to stand behind your business. Lastly, always read the fine print on all documents and get seconds opinions before you execute your signature. Sometimes, you can get into financial binds and don’t be aware of the high interest rates that comes along with trying to purchase a house. But the mortgage interest rates keep going up and there nothing to stop this from happening. So, first do your research, don’t let the first lender be your last shop around first, compare the interest rates of all, then get a second opinion from a financial consultant, then make your select and be satisfied without having to refinance again down the line.

For Equifax to have identification of the data that is needed it first must become an organization and foundation. Equifax first had to build a foundation with their key roles’ members. This included the corporate governance guidelines, the committee charters of the board, and the code of business and ethics conduct. By doing this it helps to establish the mission and values for Equifax. The vision for Equifax was to make sure the information and tools that was being offered could help solve the customers challenges and global leader worldwide with different solutions. The type of data that they had to use in order to discover the different strategies and ways to help everyone, was listening, providing feedback on products, surveys, and interviews on the staff, consumer, customers, and business leaders across the globe.

The corporate governance guidelines must make sure that the business and the board of directors are providing management and growth to the business and the shareholder interest as well. In order, to perform these tasks the board of directors must follow the guidelines that have been created by the shareholders and state laws. By making sure all department of the business are follow the protocols and procedures that had been set at the business. When the analytical team and financial department make sure that the budget and payroll is being assess the correct way, and the HR department is monitor every department performance. This will help with making sure the IT department and security department are monitoring all the data that is being imputed into their system without any viruses, hacks, or breaching occurring at the business. This will ensure consumers, customers, and business leaders that Equifax has the right technology and software advancement to protect their information. Despite, what happened in 2017 they have taken extra precautions to prevent this breach from occurring. While making sure all the data collections is being document and is secured safely with their business. This can be address and resolve by looking at the surveys and feedback from the consumers, customers, and leaders to ensure that all products and service are tested and programmed before it is presented to the public and business world.

The data will be collected using a new method to help prevent data breaches occurring again with the consumers, customers data. The 360 view from the consumers, customers, and potential prospects with integrating their data with the company data. Considering the before solution to where they were not emerging consumers and customer data with the company data. This is a great way to eliminate the consumer and customer data from being compromised and monitor all the data in one location as well. Now, in the past Equifax though third parties being a bad idea for exposing people data. But now they are choosing to use third party data source if they must in order to build the customer view with their company.

By integrating this 360-view method will help Equifax bring in better data connection with consumers and customers. Provide a better method for the consumers and customers to develop relationship that will be profitable for them and the company. While allowing all the clients the opportunity for better customer experience then what was displayed in the past with Equifax. Also, they had integrated analytics and proprietary data to help assist with the consumer and customer data experience. This will allow more solutions and capabilities and tools to provide the consumers and customers with managing the performance and risk with marketing. Where in the past Equifax did not have all these analytics tools and resources for the customers and consumers to take advantage of with their data. Since the breach occurred back in 2017 the developers, testers have made sure that the research and development environment models have in fact been tested in the adequate time frame that was allowed. Before the model are introduce to the consumers and customers. With the help of advance technology to organize a better and safer cloud-based platform that is analytic to suit and link the proprietary data more efficiently and effectively. In order, to make sure the data is secured properly they are now using project-based security controls to make sure all data is being access with the correct permission usage. With the help for providing all documentation on the data and model usage that is governance of the state laws and shareholders as well.

The synthesis of data concerning Equifax consumer data collection being exposed and breach resulted from nine errors. There was infrastructure and security strategies that were not turning out to be effective for the business. The management strategy they used was patch management and it was poorly performing the tasks or assignment that it was addressed to handle. Falling to have program in certificate management being address and require in their business. With their preparation for notifications was not update correctly to notify them of breaches with their company.

The last remaining issues with the data being breach and collected was the security problems with the legacy system, software inventory, information security policies, IT management structure, and lack of critical application for PCI compliance. All these took effect in the collection of the data that was breach with Equifax company in 2017. Now, Equifax realize that if they would had a reliable and effective patch management policy in place with advance technology and software this breach would have possible never happened. I would suggest that Equifax should have all the software updated and apply the SWOT analysis tools to take a deeper inside look at these problems with the infrastructure and application system as well. Using SWOT analysis will allow Equifax to see the strengthens, weaknesses, opportunities, and threats that are causing their operation systems, applications, and management to fall short and not perform at the rate and speed that is required in order to secure the data.

The synthesis of measurement will result from the theories they have with making sure the IT management structure and patch management will flow smoothly through the software. In order to perform these methods, they need use analysis of measurement with the IT department and using the SWOT analysis to better diagnose and treat the common issues. Along, with this department all software should be install with advance technology and firewall protection as well. So, Equifax needs to have a meeting with all management of every department while making sure all the certification of management is authentic as well. Due to, the data breach every angle of the department software must be measured and accounted. This is to ensure that all departments are operating with the right tools, resources, and level of security with active notification software within each department.

Once all the measurement has been collected or gather within the company. Then you must analyze through every department issues and problems that has created a loop for the data to be breach. Also, make sure you have collected surveys, interviews, and feedback as well on each department to compare the data results. Then you will work your way through to resolve each problem while creating a better software system that the whole company can learn and used at Equifax. While closely monitoring the security systems and application that are being operated at the company to protect the data and everyone privacy from being corrupt. All these measurements must be in accordance to the shareholders guidelines and vision of the company as well so you will need to keep that in mind when coming up with strategies and plans. Because the shareholders will have to approve of everything first before it begins.

When looking at the measurement results you will see the lack of communication within the organization concerning their security and notification. Failing to have the up to date software and advancement in technology caused a breach with their data to become exposed. Resulting in Equifax needing to hire more IT consultants with the right qualification to address and resolve these issues that are occurring. The need to increase their security levels so that once an attempt is made the company security department will be notified quickly. The security and IT department can response quickly without further incident occurring like in 2017.

If Equifax takes accountability for all the lack with software, applications, IT and security department by retraining every staff member and providing new installation of software and applications. This will help with the company being alert to things that don’t look right, what to do when you encounter and threat, and the proper protocol to take in case a breach, or hack is in their threat range or level. By addressing all these issues that have been measure and looking over the results this will make consumers and customers trust Equifax company better. While helping the consumers monitor their data and personal information that is being imputed into your systems. Also, staying ahead of the competitors by being advance with your technology, tools, resources, and software systems and applications here at the business. Lastly, staying ahead with the accuracy level of speed with your responses, product and service that is being offered at the business will help Equifax remain around in business for years to come. But you must stay advance with today’s technology and software as well.

References CBS News. (2018). Equifax Data Breech was “entirely preventable,” congressional report finds. Retrieved from https://www.cbsnews.com/news/equifax-data-breach-was-entirely-preventable-congressional-report-finds/ Equifax. (2019). Corporate Governance. Retrieved from https://www.equifax.com/about-equifax/corporate-governance/ Equifax. (2019). Empowering your marketing decisions with trusted insight. Retrieved from https://datadrivenmarketing.equifax.com/why-equifax/overview/ Equifax. (2019). Security, Privacy and Architecture for InstaTouch. Retrieved from https://assets.equifax.com/assets/usis/instaTouchSecurity_ps.pdf Fazzini, K. (2019). The great Equifax mystery: 17 months later, the stolen data has never been found, and experts are starting to suspect a spy scheme. Retrieved from https://www.cnbc.com/2019/02/13/equifax-mystery-where-is-the-data.html Fleishman, G. (2018). Equifax Data Breech, One Year Later: Obvious Errors and No Real Changes, New Report Says. Retrieved from https://fortune.com/2018/09/07/equifax-data-breach-one-year-anniversary/ FTC. (2017). The Equifax Data Breech. Retrieved from https://www.ftc.gov/equifax-data-breach GAO. (2019). Consumer Data Protection. Retrieved from https://www.gao.gov/assets/700/697026.pdf Goodin, D. (2017). A series of delays and major errors led to massive Equifax breech. Retrieved from https://arstechnica.com/information-technology/2017/10/a-series-of-delays-and-major-errors-led-to-massive-equifax-breach/ Johnson, B. R. (2007). A mixed-methods study of the influence of generational consciousness on information privacy concern (Order No. 3277917). Available from ABI/INFORM Collection. (304762062). Retrieved from https://proxy.cecybrary.com/login?url=https://search-proquest-com.proxy.cecybrary.com/docview/304762062?accountid=144789 Kardasz, F. (20). Equifax Data Breach – Protect yourself with these steps. Retrieved from https://kardasz.blogspot.com/2017/09/equifax-data-breach-protect-yourself.html McLellan, C. (2018). Cybersecurity: How to devise a winning strategy. Retrieved from https://www.zdnet.com/article/cybersecurity-how-to-devise-a-winning-strategy/ Piskorski, T., Seru, A., & Witkin, J. (2013). Asset quality misrepresentation by financial intermediaries: Evidence from RMBS market. Cambridge: National Bureau of Economic Research, Inc. doi: http://dx.doi.org.proxy.cecybrary.com/10.3386/w18843 PYMNTS. (2018). Equifax Breech to Cost Total of $439M. Retrieved from https://www.pymnts.com/news/security-and-risk/2018/equifax-cost-275m/ Rothke, B. (2019). 9 Infosec Lessons from The Equifax Data Breach. Retrieved from https://www.beyondtrust.com/blog/entry/9-infosec-lessons-from-the-equifax-data-breach Saber, J. A. (2016). Determining small business cybersecurity strategies to prevent data breaches (Order No. 10181342). Available from ABI/INFORM Collection. (1834016856). Retrieved from https://proxy.cecybrary.com/login?url=https://search-proquest-com.proxy.cecybrary.com/docview/1834016856?accountid=144789 Symanovich, S. (2017). Equifax Data Breech Affects Millions of Consumers. Here’s What to Do. Retrieved from https://www.lifelock.com/learn-data-breaches-equifax-data-breach-2017.html Tompor, Susan. "Equifax breach effects linger." USA Today, 20 May 2019, p. 01B. Opposing Viewpoints in Context, http://link.galegroup.com/apps/doc/A586054220/OVIC?u=tec_u_online&sid=OVIC&xid=cd8ab7ec. Accessed 15 July 2019. "The Cybersecurity 202: Republicans and Democrats are feuding over the Equifax breach." Washingtonpost.com, 11 Dec. 2018. Opposing Viewpoints in Context, http://link.galegroup.com/apps/doc/A565348199/OVIC?u=tec_u_online&sid=OVIC&xid=6358b52f. Accessed 15 July 2019.