AminataFunchess BUS 519 assign3.docx

Determine the top five 5 threats in a risk register

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Determine the top five (5) threats in a risk register following Figure B-11, Sample Simplified Risk Register Format (Appendix B of the Hillson and Simon text). Include information from the case for each threat. The top five threats in a risk register for this case would be data breaches, employee theft, staff incompetence, public reaction, and competitors.
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RISK WORKSHOP AND RISK REGISTER 5 Description Cause Risk Effect Data Breach Problems in new software system and inefficient staff to run proper security scans and checks. Customers’ information is compromised again Loss of business and trust from clientele Employee Theft Possible issues with management or former employee that still has access to systems and information Disgruntled employee steals customer information to harm business Customers’ information is compromised, loss of business Staff Incompetence Lack of proper training and or insufficient resource availability Unaware of how to prevent threats, security scans not run Data breaches, secure information compromised, low morale Public Reaction Data breaches, Information leaked to public or provided by Flayton’s Trust lost in the company, outrage at lack of security measures Loss of business, lawsuits, company is forced to close Competitors Flayton’s data breach Competitors offer incentives and run ads to convince Flayton’s current customer base to switch brands Loss of customers to competitors, irreparable damage to the Flayton’s brand Data Breach - If another data breach occurred it could take anywhere from 1-3 months to resolve depending on the severity and how much information was compromised. If a new software system must be purchased this could run upwards of $24,0000 which would be almost a fourth of the entire allotted budget.
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RISK WORKSHOP AND RISK REGISTER 6 Employee Theft- Employee theft is on the rise and if this occurred at Flayton’s it could take several months to even years to determine who, when, and where the theft occurred. Also, if the employee were to steal customers’ data such as credit card numbers or personal identifying information, there is no way to determine how much monetary damage this will cause Flayton’s electronics. “Employee theft has and continues to plague companies, with employees finding ingenious ways to rip off their employers. Today, the threat of theft goes far beyond stealing a few pairs of Guess jeans. It involves digital breaches and the loss of important company data” (Gasca, 2016). These employees can sell this data to competitors and potentially ruin the business. This also opens the door for lawsuits or class actions suits against the company exposing customers’ private data. Staff Incompetence- The timeframe it can take to retrain employees would depend on the subject matter of the training. This could take anywhere from 1 week to 3 months. The VP Laurie of Flayton’s would need to attend training for IT security. She may need to attend an actual college course to understand the in-depth security requirements and language which could run about 2-3 months per semester at approximately $1800-$2600 per semester. CIO Sergei could also benefit from additional training. CIO Sergei’s background is in IT; therefore, his training would not have to be as intense which could run from $400-$1500 per course.
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