J.P. Morgan Chase hacking case study IT & Computer Science Essay (Essay Sample)

Hacking the AIS
Name
Institution
Hacking the AIS
Introduction
The technological environment running the current business systems means that they are increasingly at risk of cyber attacks. Indeed, financial firms have suffered substantial losses because of hacking. Organizations, thus, have recognized the need to secure the systems to minimize the likelihood of experiencing attacks or prevent them altogether. There have been documented cases of businesses that have been hacked in recent times including J.P. Morgan Chase, which is an American banking as well as financial services provider headquartered in New York City. According to Jeng (2015), the financial institution experienced a data breach in 2014 despite spending approximately $250 million on security annually.
The Level of Responsibility of the Company
The hack at J.P. Morgan Chase seemingly exposed a lack of liability on the business’ part. More so, the cyber attack started when an employee’s personal computer was affected by a malware leading to stolen login credential. Whereas information regarding what type of personal computer the employee used is not readily available, it is understood that malicious individuals got into the worker’s gadget and found their way to the bank records through the network. Today, organizations carry a tremendous responsibility concerning the need to have its business systems and employees recognize security threats. This includes establishing safety measures to prevent or minimize the effect of cyber attacks should they arise. The banking institution left information technology systems used by its employees remotely relatively unsecured, which made them prone. According to Australian Securities & Investments Commission (2015), the employee in J.P. Morgan Chase’s case had special privileges at work as well as at home to use the network. It follows that the business has a responsibility to add extra security measures regarding remote access to the network including the installation of sufficient authentication procedures on personal computers used by its employees. The implication is that J.P. Morgan Chase was solely answerable for the security breach in which about 83 million client records were stolen (Jeng, 2015). Indeed, the organization could have done more to minimize as well as safeguard the attack. The breach would have gone unnoticed were it not for attempts to hack a website belonging to one of J.P. Morgan Chase’s charities (Jeng, 2015). Altogether, the financial institution was responsible for the attack because it failed in its duty to create secure business systems.
The Level of Responsibility of Third Party to the Business and Clients