Risky Situations

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Risky Situations

Identify three types of sensitive information involved with each situation. Then, describe three ways in which each information item could be misused or harmed. For each of these, note at least one likely finding that you would include in a risk analysis report of the organization. Finally, answer the questions at the end.

|Situation 1 – Online Banking System | |Information Affected |Potential Harm (Risk) |Likely Finding in Risk Analysis Report | |Earnings and capital  |Transaction risk – This risk happens because of the need to have sophisticated |I would say there is a high chance of this appearing on a risk analysis report. | | |internal controls and constant availability. These complex systems are used to | | | |ensure data integrity and non repudiation of transactions. Using these complex | | | |systems also increases the risk of transaction errors. (Ganesh, 2013) | | | |Compliance risk – This comes from violations with law regulations and ethical |I would say there is a high chance of this appearing on a risk analysis report. | | |standards. This leads to a loss in reputation, monetary loss, and reduced | | | |business opportunities. This risk is even greater when the bank, customer, and | | | |the transaction are happening across multiple countries, because of conflicting| | | |laws in caused by each country. (Ganesh, 2013) | | | |Reputation risk – A bank reputation can be easily damaged by a negative public |This would appear a risk analysis report based on how much information a | | |opinion. Banking services that are poorly executed are not forgiven easily by |customer can access within the website. If it is very little I do not think it | | |customers. Also any websites that are linked with the banks site that could |would appear. | | |reflect badly on them.(Ganesh, 2013) |(Ganesh, 2013) | |Customer’s Information |Bad passwords – A New York based security vendor found that 73% of customer’s |I would say there is a high chance of this appearing on a risk analysis report. | | |use the same password for their bank and with other less secure websites. This | | | |can lead to hackers gaining passwords from other sites and gaining access to | | | |the customer’s...
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