Being of a managerial post in the XYZ organization, it is my foremost duty to follow all the regulation formed by the organization and secure the company from arriving threats; which can harm the company’s profile in the market. One such incident which deflated the positive growth of the country and also impacted on my individual performance in the organization is the cyber-crime. In today’s world cyber-crime is efficiently growing most of the companies use the information technology in storing and retrieving the critical information of the information. Resulting to which many risks are connected with using the new innovative technology (Aggarwal, Arora, & Ghai 2014).
Especially in e-commerce trading business, the majority of the work is done on the websites and portal, due to which the cyber-crime risk increases. In my XYZ organization, the information of the customers, their order details, and transaction receipts are stored on the website only whereas the price sensitive information, related to the products and services which shall not be leaked to the customers are also stored on the portal online. Thus it is easily known that any change in the online security system can result in a huge loss for the organization along with defamation of the company as well (Rotich, et. al., 2014).
The incident which took place in the organization is that; the official website of the company was somehow hacked by some unethical hacker. Through this cyber-crime, the hacker succeeded in retrieving the information of the customers of the company and all other price sensitive information which were required by the company in managing the business activities. The hacker took all the personal information records of the visitors and customers of the company (like postal address, payment details, password, user Id etc.). The stored credentials on the website were also hacked and the hacker gain access to the data of the company. Also, the information about the products and services posted on the website were also tampered and theft, resulting in confusion for the customer to make transaction with the company. The major crime which the hacker made was that they changed the bank account details of the company with theirs. Resulting to which, all the transactions and its receipts were made to the account of the hacker not the company (Ablon, Libicki, & Golay 2014).
With this effect, the company suffered major loss of income, data of company and also the customers of the company also became dissatisfied due to this effect. Many customers were made fake call due to leakage of price sensitive information. On my part being a manager, it became very difficult to address the problems of the customers along with analyzing the person liable for the crime. The customer growth decreased resulting in loss for the company, along with which the employee turnover also increased; as the employee felt that they might get trapped in the attack. The company was attracted by many problems at the same time due to which the financial statement of the company got affected. Being a manager of the company I was held responsible for the devaluation of the financial statements of the company. Furthermore, the hacker behind the attack was also not identified. I was held accountable for the cyber-crime and deviations in the management system (Ali, et., 2016).
The XYZ Company was in a state of crisis where all the customers and employees were leaving the organization. Along with which the company was liable to several penalties. Besides this, the hacker behind the issue was still unknown. The company needed to compensate for the problems of its customers along with which it was also accountable to its stakeholders for the devaluation of financial statement and defamation of the image of the company (Williams, & Levi 2017).
To cope up with the situation of cyber-crime, the company along with employees took the following steps responsibly:
Concluding to the above report, the XYZ company face the cyber-crime due to which all the financial and price sensitive information of the company and its customers was theft and misused. Further the company took preventive actions to cope up with the situation and manage to keep the interest of stakeholders in the business only. Thus, the company initiates strict action plan under the surveillance of manager so that the company doesn’t face the cyber-crime crisis again. Also, all the legal and governance regulations complied in order to avoid penalties.
Ablon, L., Libicki, M.C. & Golay, A.A., 2014. Markets for cybercrime tools and stolen data: Hackers' bazaar. Rand Corporation.
Aggarwal, P., Arora, P. & Ghai, R., 2014. Review on cyber crime and security. International Journal of Research in Engineering and Applied Sciences, 2(1), pp.48-51.
Ali, N.I., Samsuri, S., Sadry, M., Brohi, I.A. & Shah, A., 2016, November. Online Shopping Satisfaction in Malaysia: A Framework for Security, Trust and Cybercrime. In Information and Communication Technology for The Muslim World (ICT4M), 2016 6th International Conference on (pp. 194-198). IEEE.
An Australian Government initiative, 2017, ACORN, viewed on august 4, 2017 from https://www.acorn.gov.au/
McGregor, J., 2014, The Top 5 Most Brutal Cyber Attacks Of 2014 So Far, viewed on august 4, 2017 from https://www.forbes.com/sites/jaymcgregor/2014/07/28/the-top-5-most-brutal-cyber-attacks-of-2014-so-far/#486ba02b134d
Morris, C., 2016, Digital warfare heats up, viewed on august 4, 2017 from https://www.cnbc.com/2016/07/07/10-high-profile-cyberhacks-still-impacting-consumers-today.html#slide=1
Parliament of Australia, 2017, House of Representative Committees, viewed on august 4, 2017 from https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=coms/cybercrime/report/chapter5.htm
Rotich, E.K., Metto, S.K., Siele, L. & Muketha, G.M., 2014. A Survey on Cybercrime Perpetration and Prevention: A Review and Model for Cybercrime Prevention. European Journal of Science and Engineering, 2(1), pp.13-28.
Williams, M.L. & Levi, M., 2017. Cybercrime prevention. Handbook of Crime Prevention and Community Safety, p.454.
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