AminataFunchess BUS 519 assign2.docx

Issues that occurred from the data breach or

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issues that occurred from the data breach or sufficient repair to the software and scanning systems Misunderstandings-upper management and staff member do not understand goals or have different perspectives on how to move forward in the company after the breach The level of risk on a project will be tracked, monitored and reported throughout the project lifecycle. Define the Probability and Impacts section of the Risk Management Plan and justify the values assigned. The highest risks for Flayton’s Data Security Risk Assessment Program is the software used to protect company data and customers’ personal information. If the software were to fail again it has the potential to completely ruin the entire business. Due to the original data breach, it will take a significant amount of time to repair the company’s brand and regain its customers’ trust. After spending time and resources on repairing Flayton’s imagine, another breach would be catastrophic and most likely business ending. “Industry data tells us that on average the total cost of a breach to a small business is $665,000. Larger businesses report that a typical breach costs over $7M.This however is not the largest cost reported by victims of data breach. By far, the largest post-breach cost reported by victims is lost business” ("True Cost of a Data Breach to a Small Business," 2017). Competition is considered high impact in the risk assessment. Competitors could attempt to gain any concerned customers of Flayton’s, who fear continued business with the company would be a great risk. Opposition often take advantage of these situations to beef up their advertising, discounts, and perks for becoming patrons of their business during a data breach. Their position is to have the competitor’s customers try their product and decide to become
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RISK MANAGEMENT PLAN 10 repeat customers after experiencing what they have to offer. If the products are similar the competitor may gain their business due to appearing as the safer bet regarding the security of their personal information. Medium impact level would be the public and media response to the breach. This is still a significant risk but one that may be repairable. A consultant will be hired to specifically handle the public relations side due to the impact of the data breach. If handled correctly, Flayton’s brand has a chance to be more successful than before the breach occurred. It is also important to relay the information to the consumers quickly and efficiently before other parties leak the story. Hiring the best consultant to maintain Flayton’s imagine and perform damage control is essential to the company’s future. It is not only important to regain your customers trust but there needs to be efforts to regain their business. The company needs to offer more than one time coupons or sales. This gesture seems insufficient in reference to the magnitude of the situation. A loyalty or rewards program will help in having those customers come back again and again and receive something out of the deal. This could also help improve your bottom line ("Marketing to Regain
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