Risky Situations
University of Phoenix Material
Risky Situations
Identify three types of sensitive information involved with each situation. Then, describe three ways in which each information item could be misused or harmed. For each of these, note at least one likely finding that you would include in a risk analysis report of the organization. Finally, answer the questions at the end.
|Situation 1 – Online Banking System |
|Information Affected |Potential Harm (Risk) |Likely Finding in Risk Analysis Report |
|Earnings and capital |Transaction risk – This risk happens because of the need to have sophisticated |I would say there is a high chance of this appearing on a risk analysis report. |
| |internal controls and constant availability. These complex systems are used to | |
| |ensure data integrity and non repudiation of transactions. Using these complex | |
| |systems also increases the risk of transaction errors. (Ganesh, 2013) | |
| |Compliance risk – This comes from violations with law regulations and ethical |I would say there is a high chance of this appearing on a risk analysis report. |
| |standards. This leads to a loss in reputation, monetary loss, and reduced | |
|
Risky Situations
Identify three types of sensitive information involved with each situation. Then, describe three ways in which each information item could be misused or harmed. For each of these, note at least one likely finding that you would include in a risk analysis report of the organization. Finally, answer the questions at the end.
|Situation 1 – Online Banking System |
|Information Affected |Potential Harm (Risk) |Likely Finding in Risk Analysis Report |
|Earnings and capital |Transaction risk – This risk happens because of the need to have sophisticated |I would say there is a high chance of this appearing on a risk analysis report. |
| |internal controls and constant availability. These complex systems are used to | |
| |ensure data integrity and non repudiation of transactions. Using these complex | |
| |systems also increases the risk of transaction errors. (Ganesh, 2013) | |
| |Compliance risk – This comes from violations with law regulations and ethical |I would say there is a high chance of this appearing on a risk analysis report. |
| |standards. This leads to a loss in reputation, monetary loss, and reduced | |
|
References: Ganesh, R. (2013). Risk management for internet banking . Retrieved from http://www.isaca.org/Journal/Past-Issues/2001/Volume-6/Pages/Risk-Management-for-Internet-Banking.aspx Savage, M. (2010, Feb 02). Customers risk online banking fraud by reusing bank credentials. Retrieved from http://searchfinancialsecurity.techtarget.com/news/1380406/Customers-risk-online-banking-fraud-by-reusing-bank-credentials Lima, T. (2004, Sep 13). Does online banking put your money at risk?. Retrieved from http://www.pcworld.com/article/117757/article.html Poremba, S. M. (2012, July 16). How to beat banking trojans. Retrieved from http://www.technewsdaily.com/7942-how-to-beat-banking-trojans.html Rackspace Support. (2012, September 11). Critical risk factors in an e-commerce environment. Retrieved from http://www.rackspace.com/knowledge_center/article/critical-risk-factors-in-an-e-commerce-environment Grabski , S. V., Leech, S. A., & Lu, B. (n.d.). Risks and controls in the implementation of erp systems. The International Journal of Digital Accounting Research, 1(1), 47-68. Retrieved from http://www.uhu.es/ijdar/10.4192/1577-8517-v1_3.pdf Perrin, C. (2008, September 16). Prioritize security concerns with a simple risk assessment. Retrieved from http://www.techrepublic.com/blog/security/prioritize-security-concerns-with-a-simple-risk-assessment/589 Wallace, S. (2007). Risk management. Retrieved from http://www.epmbook.com/risk.htm Pfost, J. (n.d.). How to prioritize risk & justify security investments. Retrieved from http://www.thirddefense.com/rc/whitepaper.pdf