Privacy Of Information: Data Breaches In JP Morgan & Other Companies

Advantages of Information Privacy

Discuss about the Credentials of Customers Crucial Factor.

The privacy of data and information is legal right for individual in era of digital communication. The privacy of information has many advantages and it is usually related with the security if personal data while it is saved in computer systems.  The secured information is preferred in almost all the fields such as the medical records of patients, the financial records of companies, the bank details of customers, the examination results of students and many more (smith, 2016). The privacy of information is also called as the privacy of data (HOLLISTER, 2018). In today’s world of big data, where in every second the huge amount of digital data is generating continuously, the privacy of this information is the most crucial factor for everybody. It is not possible to save all data in personal devices as the memory is limited for all the devices, so the concept of cloud is most popular nowadays. In cloud storage, the data is saved on remote locations thus the security of this data is on highest priority. In this report we are going to analyse the data breach which was happened in the year 2017 in J P Morgan. As per the report of financial regulator the JP Morgan chase & co. have to pay around $2.8 million amount to its customers. The privacy violation was happened in JP Morgan in year 2017, due to which millions of customers were affected.

The privacy of information can be ensured in many ways such as by using encryption, data masking and implementing authorization.

Privacy violations are very common in present scenario. According to a survey done by CSO in 2018, some of the biggest data breaches of present century are (Armerding, 2018):

It is clear from above table that almost all the companies are affected from the privacy violation in recent years. These incidences of data breach were sufficient for the financial down gradation of these companies (Solove, 2014). As per the study around 48 billion dollars were lost in US due to the data breach. As per the report published by Forrester, some of the top 6 common factors for the privacy violations are (Morgan, 2018):

• Misuse by Hacker: The most common cause of any type of privacy violation is deliberately access of the personal data or information of users. It can be resolved easily if the data can be restricted and shared among the users on the basis of their role and credentials. The rule based accessibility algorithms can be planned to resolve this type of data breach(Carolyn Strobel, 2014).
• Loss of assets: Due to unauthorized remote access of data and weak encryption algorithm can easily erase the data from devices.
• Phishing: Phishing is a vulnerability, in which the user’s accounts can be hacked by sending them scams through mailing system. To overcome the chances of phishing, strong antivirus applications or firewall implementation is preferred way. Firewall can filters the unwanted or suspicious data packets.
• Malicious users: These users can be of inside or outside of the organization. These users can access the data of authorized users. To control this data breach the accessibility algorithms can be made strongly.
• Third party software: Mostly these types of software are enough to control the security of databases and servers. To ensure the level of privacy it is recommended to design a clear set of policies. The agreement duly signed by both the parties will ensure the privacy of company.
• Loss of assets: To control the privacy of data, the accessibility rules must be designed in data breach checklist. By keeping focus on above points the chances of data breach can be minimized.

JP Morgan is one of the largest bank in the history of US. It is one of the main victim of privacy violation in US (CROWE, 2016). At the time of data breach in this bank the US attorney Ms. Preet Bharara claimed about three people for the biggest theft of data and information of this financial organization. It is one of the main bank in US having assets of $2.5 trillion. Suddenly news arises that nearly 76 million of customers and around 7 million small businesses were affected due to the privacy issues. In this incidence the main effects were seen are (Lin, 2017):

• The contact information or personal data of the customers was mainly impacted. It included the name, contact information, address and email contacts of the customers.
• The information of debit and credit card was also accessed by the third party applications.
• The hackers entered in the network of bank through unleashed applications and controlled the network, the infrastructure of bank and accessed huge amount of information.

Data Breach in JP Morgan

Every organization wants the security of data and to ensure this, the companies are advised to prepare a checklist for the security parameters. As per the experts the following steps must be taken by CIO’s and CISOs:

Notify the data breach immediately: Whatever is done wrong in the organization, must be reported on urgent basis. Experts says that the solution of privacy violation must be taken as soon as possible. As per the RKON technologies, when the database server is recognized for the data breach, the disk image of this server must be prepared in order to preserve the state of the server. These images must be read only and password authenticated (Roman, 2016).

Prepare a task force: A team of technical experts must be prepared immediately so that the breach can be reported to the legal authorities (Brandon, 2017).

Do proper testing of security issues: It is recommended that before disclosing the breach towards the outside of the organization, the data breach must be completely resolved.

Take support from local authorities: To communicate about the privacy violation with internal and public departments, a clear and concise report must be prepared along with the solution.

Immediate resolve the problem: It is obvious that the company must mention all the implications included in the data breach and about the expected related issues of the organization. The remedial process of data breach is recommended and full-fledged precautions are recommended.

Conclusion

The violation of privacy cannot be completely prevented through any mode of communication, as there are multiple modes of communication present. But if the companies follow some standard guidelines, it can be controlled to some extent. Companies are also recommended to generate an impressive plan to handle the security issues. It is concluded that the causes and solutions will come together. After taking the remedial steps in data breach, continuous auditing and analysis of security breaches must be done to reduce the chances of privacy violation.

References

Armerding, T. (2018, January 26). the-biggest-data-breaches-of-the-21st-century.html. Retrieved from www.csoonline.com: https://www.csoonline.com/article/2130877/data-breach/the-biggest-data-breaches-of-the-21st-century.html

Brandon, J. (2017, October 7). 5-steps-to-take-when-a-data-breach-hits.html. Retrieved from www.csoonline.com: https://www.csoonline.com/article/2692565/data-breach/5-steps-to-take-when-a-data-breach-hits.html

Carolyn Strobel, D. (2014, June 26). top-6-causes-of-data-breach. Retrieved from www.druva.com: https://www.druva.com/blog/top-6-causes-of-data-breach/

CROWE, P. (2016, November 10). 49739816.cms. Retrieved from www.businessinsider.in: https://www.businessinsider.in/JPMorgan-is-the-chief-victim-in-the-largest-theft-of-customer-data-from-a-financial-institution-in-US-history/articleshow/49739816.cms

GREEN, D. (2018, April 3). If-you-shopped-at-these-7-stores-in-the-last-year-your-data-might-have-been-stolen. Retrieved from www.businessinsider.in: https://www.businessinsider.in/If-you-shopped-at-these-7-stores-in-the-last-year-your-data-might-have-been-stolen/articleshow/63601056.cms

HOLLISTER, S. (2018, April 13). yahoo-aol-oath-privacy-policy-verizon-emails-messages. Retrieved from www.cnet.com: https://www.cnet.com/news/yahoo-aol-oath-privacy-policy-verizon-emails-messages

Lin, D. (2017, November 10). JPMorgan-is-the-chief-victim-in-the-largest-theft-of-customer-data-from-a-financial-institution-in-US-history. Retrieved from www.businessinsider.in: https://www.businessinsider.in/JPMorgan-is-the-chief-victim-in-the-largest-theft-of-customer-data-from-a-financial-institution-in-US-history/articleshow/49739816.cms

Morgan, L. (2018, May 20). list-of-data-breaches-and-cyber-attacks-in-march-2018. Retrieved from www.itgovernance.co.uk: https://www.itgovernance.co.uk/blog/list-of-data-breaches-and-cyber-attacks-in-march-2018/

Roman, J. (2016, September 15). jpmorgan-a-7319. Retrieved from www.bankinfosecurity.com: https://www.bankinfosecurity.com/jpmorgan-a-7319

smith, R. (2016, February 12). information-privacy. Retrieved from www.techopedia.com: https://www.techopedia.com/definition/10380/information-privacy

Solove, D. S. (2014, July 2). privacy-data-security-violations-whats-harm. Retrieved from teachprivacy.com: https://teachprivacy.com/privacy-data-security-violations-whats-harm/

Weinstein, M. (2016, December 18). 13-ways-your-privacy-violated-9479084. Retrieved from www.mirror.co.uk: https://www.mirror.co.uk/tech/13-ways-your-privacy-violated-9479084