Policy Compliance Among Institutions
Student’s Name
Institutional Affiliation
Course Name
Due Date
Information Breach in Equifax Corporation
Compliance is ensuring businesses and personnel obey relevant provisions
This policy aims in reviewing organizational compliance issue and offer an update to the policy.
Several procedures are developed to ensure safety
An example of a policy compliance scenario is Equifax’s data breach in 2017.
. On information security policies in organizations, several procedures are developed, with each institution obliged to strictly follow them to ensure the private data within the institution is secured from attackers.
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The Summary of The Issue
Equifax’s data hacking incident happened in July 2017 at the United States credit bureau Equifax
The hack exposed Americans, British and Canadian nationals
US government accused individuals of Chinese cracking into Equifax and collecting confidential information as part of an enormous robbery that also involved company secrets theft.
Equifax’s information incident was mainly caused by a fixed third-party malware attack
Customer complaints were handled by Apache Struts
significant security upgrade for Apache Struts was issued on seventh March 2017
The US government accused individuals of Chinese cracking into Equifax and collecting confidential information as part of an enormous robbery that also involved company secrets theft.
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Possible Solutions and Their Explanations
Using a three-extended strategy
changing the security flaws
devising a suitable strategy
For the incidence of Equifax attack, its cause originated from malware attack; therefore, checking their websites will prevent attackers from further accessing their corporate websites and servers for every compromising material and get it deleted promptly (Zou et al., 2018).
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Decision-Making Process
Equifax datasets are priced transparently.
Create Data APIs that access several data connections at once.
Read API documentation including JSON formats, how to integrate and deliver data, and best practices.
Customize your API using entity resolution or waterfall orchestration.
Visualize transaction reports, response times, average latency, match rate, fill rate, and more to monitor API performance and data consumption.
Manage API authentication via HTTP requests, OAuth, JWT, and API keys, and return data in JSON or flat files.
Deploy and manage your APIs with the B2B Demyst SaaS Platform. Attributes from Equifax data connectors are accessible from a single, secure, and low-code API
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Policy Compliances
Monitor less: Reduced notifications by 70%
Manual Reviews: First-level analyst evaluation reduced systemic alert volume by 90%
Cost-cutting: Balance systemic and human analysts processing intelligence to reduce customer service expenses.
Compliance refers to ensuring that the business and personnel obey all relevant provisions. This policy memo aims to review an organizational compliance issue and offer an update to the policy
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Implications and Benefits of The Policy
These solutions imply that when a system gets hacked, the right course of such a situation will explain what happened.
If the policy is followed perfectly, hacking will be minimal.
Personal information should never be shared
Any company that can preserve secrets helps establish trust among all participants, including consumers
Providing assistance to staff members so they may make judgments in a timelier manner. Providing direction on how to carry out responsibilities.
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Conclusion
Equifax failed to comply with its legal obligation to secure customers’ data by enabling vulnerabilities and overlooking the incident. Equifax was overconfident in the system’s ability to withstand catastrophic faults or assaults. Due to this mistaken confidence, the company did not implement any additional checks or redundancy.
This policy memo is structured into five segments comprising the summary of the problem, the solutions explanations of the recommended solutions, the implications of the recommended policy and the conclusion.
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Reference
Marcus, D. J. (2018). The Data Breach Dilemma: Proactive Solutions for Protecting Consumers’ Personal Information. Duke LJ, 68, 555.
Kimengsi, J. N., & Mukong, A. K. (2022). Forest resource endogenous cultural institutions in rural Cameroon: compliance determinants and policy implications. Journal of Environmental Planning and Management, 1-22.
Dong, K., Ali, R. F., Dominic, P. D. D., & Ali, S. E. A. (2021). The effect of organizational information security climate on information security policy compliance: The mediating effect of social bonding towards healthcare nurses. Sustainability, 13(5), 2800.
