Cyber Crime Case Study

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M7A1: Case Study: Risk Assessment of Cyber Crime
General Comments One item of great note in this case study is the fact that it is for a financial institution that is involved heavily in international transactions. This flavors the entire risk assessment because if a company is doing their work on a global and international basis, then there is the requirement of dealing with compliance, the legal and regulatory requirements in the rest of the world. For instance, the European Union has their independent privacy requirements and even Japan has a type of Sarbanes-Oxley, with France, Germany, Canada and Australia having both regulatory and legal requirements that must be embraced by anyone doing business with them (Tafara, 2006). Other counties …show more content…

The specific IT assets and technologies that are highlighted are internet applications, such as online transactions, human relations systems, wire systems and websites. Other resources are Blackberries, Android smart phones, I-Phones, cellular networks, short messages service (SMS), PC’s (include their operating systems), connected USB storage devices and any third-party software (Deloitte & Touche LLP, 2010).Most importantly, in this case, will be banking devices such as ATMs, kiosks, RFID enabled smartcards that allow secure financial access (Deloitte & Touche LLP, 2010). Finally included, are intranet portals, collaboration tools, authentication systems, voice over IP phones and private branch exchanges (PBX)’s, voicemail, identity management, log-on, password and user code technologies (Deloitte & Touche LLP, …show more content…

Almost every business deploys the traditional security based, methods to combat the threats of cybercrime; however, this is not sufficient to fully erase the threats. Any risk based method must look at what is leaving the IT environment, as well as the data inflowing, because, what is going out holds possibly greater significance than the traditional bastion based security methods (Peltier, 2010). Organizations must comprehend how visible they are to online criminal in regard to, targets of interest, attack routes, and possible process vulnerabilities. So to better defend against attack, a simple equation provides the underpinnings of the numerical system for rating risks and is expressed by the following: Risk = consequence × (threat × vulnerability) (Peltier, 2010). This equation is superior to the standard equation that only factors in threat and vulnerability and should be used for calculating

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