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.

2

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.

3

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).

4

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

5

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

6

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.

7

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.

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