The step, that I believe is the most important in the risk management process, is vulnerability identification. A vulnerability is a weakness in the infrastructure or environment of the network. Any weakness can be exposed (exploited) and threatened. If vulnerabilities are not identified, then how can the Security Administrator properly set security policies and guidelines in place to protect the network? If he/she doesn’t know of the vulnerabilities, then they will never put things in place until some threat occurs to the network. Network vulnerabilities come in many forms and fashions, and must be identified to be properly mitigated.…
Belmont State Bank is a large bank with hundreds of branches that are connected to a central computer system. Some branches are connected over dedicated circuits and others use the dial-up telephone network. Each branch has a variety of client computers and ATMs connected to a server. The server stores the branch’s daily transaction data and transmits it several times during the day to the central computer system. Tellers at each branch use a four-digit numeric password, and each teller’s computer is transaction-coded to accept only its authorized transactions. Perform a risk assessment.…
The goal of the company is to provide mortgage services at a fixed low rate of $1500 to approved applicants. In order to be able to optimally provide these services, it is necessary to calculate the organization risks and develop a plan to mitigate the risks. The risk assessment will identify the approaches to be implemented for elimination of avoidable risks and the minimization of the risks that are unavoidable. The discussions following will limit the risk assessment to IT related issues: security, auditing and disaster recovery.…
In the wider scope of financial protection and security in general, there are steps that administrators and security leads in financial related companies could take to create a better system. First, to think with security in mind when developing a system. This concept is doable but takes vision . Could you have imagined 10 years ago…
One of the most important first steps to risk management and implementing a risk mitigation strategy is to identify known risks, threats, and vulnerabilities and organize them. The purpose of the seven domains of a typical IT infrastructure is to help organize the roles, responsibilities, and accountabilities for risk management and risk mitigation. This lab requires students to identify risks, threats, and vulnerabilities and map them to the domain that these impact from a risk management perspective.…
The company Wells, Fargo & Co. is known for its banking and mail delivery services in the Old West, and today, is an extremely successful bank. Wells, Fargo, & Co. had paths on which they would go on to deliver mail from one place to another across America. In 1858, Wells Fargo’s stagecoaches delivered mail from texas to california (Wells Fargo 5).…
A business fraud I came across is known as "Wells Fargo's Fake Accounts". As everyone knows Wells Fargo is one of the most used banks even back when it was known as Washington Mutual. This business fraud is quite interesting because I didn't think this kind of fraud could happen. Back in December 28,2016 Wells Fargo was caught with fake accounts. The employees for this bank had a quota that had to be submitted by a certain date and time. In order for the employees to meet their quota they thought of opening fraudulent customer accounts, but, in order not to be caught most of the accounts were closed before customers had a chance to notice. Until one day the customer had to pay associated fees and their credit rating started to drop. Due to…
Legal and financial effects of the merger. In recent years, Wells Fargo and its subsidiaries have had a plethora of legal issues. These issues grew for the first three years after the merger.…
Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat, it is also called a hazard. Quantitative risk assessment requires calculations of two components of risk, the magnitude of the potential loss, and the probabilit that the loss will occur. Acceptable risk is a risk that is understood and tolerated usually because the cost or difficulty of implementing an effective countermeasure for the associated vulnerability exceeds the expectation of loss.…
One the first steps in implementing an effective security plan is to periodically assess Organizational risks. Identifying and mitigating risk will help in establishing a security management structure and assigning security responsibilities. Without having an understanding of your risk you are unable to determine the proper security policies, procedures, guidelines, and standards to put in place to ensure adequate security controls are implemented. The risk assessment provides a baseline for implementing security plans to protect assets against threats. Within the risk assessment some basic questions must be answered, What assets within the organization need protection, What are the risks to each of these assets, How much time, effort, and money is the organization willing to spend to upgrade or obtain new adequate protection against these threats?…
Information policy and the protection of high value digital assets used to be the responsibility of a select group of practitioners. However, the ubiquity of information technology (IT) security policies and governance have been a long-standing part of many industries with far more “average-consumer” impact since the inception of the Gramm-Leach-Bliley Act of 1999 (Computer Services Inc. - GLBA Act Compliance, 2015). Most individuals who conduct business with any financial institution will notice that the institution is required by Federal law, to comply with one of the federally mandated programs that insures customer deposits up to $250,000 (FDIC , 2009). In addition to this mission, the FDIC is responsible for “Examining and supervising financial institutions for safety and soundness of consumer…
Question 3. What approach to risk management will identify threats, vulnerabilities, and the critical assets that we must protect?…
Wells Fargo announced it has donated $450,000 to four nonprofits in support of people with disabilities to be successful financially. The four recipients were National Disability Institute, National Federation of the Blind, Disability Rights Education & Defense Fund, and Association of People Supporting Employment First. These grants add to the $25 million Wells Fargo donated from 2013. Wells Fargo’s Kathy Martinez stated that Wells Fargo’s efforts are to improve accessibility to everyone and help promote programs and empower people with disabilities (Business Wire,12.17.15).…
When it comes to similarities, like for every company, their main goal is to make profit and increase their market shares. A successful business is one where one of their main goals is to please the customers. Therefore, with Intel, they want to create the best microchips and processors out there so that customers will always be in demand for these especially for personal computers. Consequently, with Wells Fargo, they want to create a community where customers are happy with their service and their fees and the opportunities that can be obtained. When it comes to management, it is going to be similar in any business. Thus, for every department they will have a manager or supervisor that overseas daily operations and are there for any escalations…
American Bank of Indiana (ABI) generates $280 million in revenue through personal and industrial banking services, card services, loans and mortgages. A regional bank, ABI and its 1,800 employees have been acquired by First American Financial Services (FAFS). As part of the acquisition, ABI is to integrate its service delivery network with that of FAFS (FAFS/ABI, 2008). All components of the two companies are to be integrated, including ATMs, databases, and related software and hardware. Based on lessons learned on past information technology (IT) projects and the recommendations and observations of the Chief Executive Officer (CEO) and the steering committee, the project manager has identified critical risks that must be mitigated in order to implement the project. The project manager can use risk management, project cost and schedule control processes to complete the project on time and within budget.…