Develop a case. This will involve choosing a real company, researching that company, developing a case (from an issue within the company, security breach), writing case study questions, and then finally answering those questions.
- Describe the forces that caused the issue.
- Draw up a strategic plan to help avoid it going forward. Include all factors that apply.
- What are the key success factors?
- What strategies best describe the organization’s success 5. What is your personal recommendation to maintain secure customer information?
Case Study of Wells Fargo’s Security Breach
Wells Fargo is an American multinational financial service company. Wells Fargo’s security breach has raised many questions. Customers are asking questions about their information and account. The recent data breach seemed destructive for both the company and customers. Sensitive data has been passed over by unauthorized people, and it puts major reservations over Well Fargo’s security measures.
DESCRIBE THE FORCES THAT CAUSED THE ISSUE.
The main force that caused this issue was the lawyer’s intention. Wells Fargo had to fight a case. The lawyer had to come up with the pertinent information to submit to the court of law. However, he passed the CD containing sensitive customer information. The customer’s information was stolen, and it was revealed later. In this case, the company did not implement some key security measures, which have been shaped to protect the customer’s information. The firm failed to use different security measures, and it looked to be one of the main causes of the security breach. It has been revealed that bank employees were intended to meet targets and incentivestive from the management. For Instance, bank employees opened 3.5 million accounts without the customer’s permission (Kovaleski and Cowley). Credit accounts were unknown to the customer, and this information was mistakenly handed over in the defamation lawsuit.
Also, unauthorized access to the sensitive information puts the whole company’s operations at risk. Attorney gained the unauthorized access to over 50,000 customer data, including account details and different social security numbers (Idtheftcenter.Org). An employee of Wells Fargo subpoenaed the bank in the defamation lawsuit. The employee was looking to protect him from legal charges or penalties. Thus, accidentally, he handed over the information of the bank’s wealthiest clients. This information can be used by other businesses or banks for the competitive advantage. Unauthorized access, defamation lawsuits, ineffective security measures, and wrong information are some key forces, which caused the issue.
DRAW UP A STRATEGIC PLAN TO HELP AVOID IT GOING FORWARD. INCLUDE ALL FACTORS THAT APPLY.
Wells Fargo needs a strategic security plan that can protect it from these kinds of breaches. It was an eye-opening incident for the company. The data was not hacked by hackers, as it was Well Fargo itself. The internal business factors are in the limelight, which can also create an impact on the possible strategic plan. For Instance, the scrutiny of internal accounts is the first initiative. Eliminating illegal and unknown accounts of the customer are to be removed. Some new security measures are to be shaped by the company to evaluate employee performance and intentions. At Wells Fargo, the management has to build or develop monitoring platforms to evaluate the performance of employees. Weekly or quarterly progress reports can help the company to examine or evaluate the employee’s relevancy in the workplace. To avoid it going forward, Wells Fargo has to initiate the information security audit (Kersten). The auditing process can help to reveal unauthorized access to sensitive information. Accordingly, some key strategies are to be shaped to enable the relevant flow of information. Being a prominent financial service company, the firm must keep the customer’s information safe and secure. Building customer trust and loyalty is the key factor regarding success, and it seems the basis of this strategic plan.
WHAT ARE THE KEY SUCCESS FACTORS?
Data security is important for Wells Fargo in the competitive financial market, and it is the key success factor. With proper security measures and effective monitoring controls, the company can maintain data security. Effective data security can enable customer trust. The bank can acquire new customers in a competitive market. However, the recent data breach has put the business at risk. However, a better strategic plan and better coordination with customers regarding account security can facilitate regaining success and growth. Data security is the priority of the firm, and it is also a key success factor.
WHAT STRATEGIES BEST DESCRIBES THE ORGANIZATION’S SUCCESS
Information security and safety are two prominent factors, which have been perceived as business enablers in the financial market. The best strategy of the company is to identify some potential cyber security risks (Crosman). By using different cyber security tools and equipment, employee training, the company can have remarkable control over data. It is the best strategy that can be implemented effectively. Also, IT transformation is the key strategy for the management of the company. The firm must improve the information security process. Integrating with new IT trends can help to abolish unauthorized access to sensitive information.
WHAT IS YOUR RECOMMENDATION TO MAINTAIN SECURE CUSTOMER INFORMATION?
To maintain secure customer information, I would like to recommend some key traits. For Instance, the firm must have to identify potential risks. These potential risks include unauthorized access, traditional security measures, and lack of employee training. Thus, accordingly, these risks are to be eliminated and moved forward. The company or security experts must educate employees regarding different security precautions (Wellsfargoworks.com). Normally, data breaches happen due to unsafe systems. By keeping systems up to date and saving an organization, Wells Fargo can create barriers for unauthorized persons. Finally, the firm can monitor the performance of employees to avoid unnecessary accounts from customers. Meeting targets should not be the only performance measure. Employee’s relevancy and responsibility are two important factors for better judgment. Unknown accounts in the bank can be purposeful for criminals. These are created intentionally by employees to meet sales targets and get rewards and incentives. However, they are not aware of possible security threats, which can let down the whole business. Thus, appropriate training for employees can work for the company.
Work Cited
Crosman, Penny. “Inside Wells Fargo’s cybersecurity war room.” American Banker. American Banker, 31 July 2017. web. 19 November 2018. https://www.americanbanker.com/news/how-wells-fargos-cyber-warriors-stay-battle-ready.
Idtheftcenter.Org. “Wells fargo data breach not your typical breach.” Identity Theft Resource Center. Identity Theft Resource Center, 26 July 2017. Web. 19 November 2018. https://idtheftcenter.org/wells-fargo-data-breach-not-your-typical-breach/.
Kersten, Jenna. “Rebuilding Trust After a Data Breach.” KP. KP, 21 June 2018. Web. 19 November 2018. https://kirkpatrickprice.com/blog/rebuilding-trust-after-a-data-breach/.
Kovaleski, Serge F. and Stacy Cowley. “Wells Fargo Accidentally Releases Trove of Data on Wealthy Clients.” New York Times. New York Times, 21 July 2017. Web. 19 November 2018. https://www.nytimes.com/2017/07/21/
business/dealbook/wells-fargo-confidential-data-release.html.
Wellsfargoworks.com. “Data security tips to keep your business information safe.” Wells Fargo Works. Wells Fargo Works, 21 July 2017. Web. 19 November 2018. https://wellsfargoworks.com/management/tip-sheet/data-security-tips-to-keep-your-businesss-information-safe?s3=1.
+447462439809