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Effects of Financial Data Loss and How Organizations Gear Towards Safeguarding It - Research Proposal Example

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This paper 'Effects of Financial Data Loss and How Organizations Gear Towards Safeguarding It" focuses on the fact that the needs for advanced Information Technology (IT) by the segments of the economy is increasing each day. IT is being used in banks, is used by insurance companies. …
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Effects of Financial Data Loss and How Organizations Gear Towards Safeguarding It
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Download file to see previous pages The information held by the businesses in databases is at risk from both external users who collect and use, collect and spread, collect and manipulate as well as disclosing this information to other parties for their personal gains.

Personal financial information held by organizations in their respective data banks has been lost through fraudulent activities in many countries. This has led to many losses to the organizations. In this regard, this research proposal will aim at establishing whether financial organizations have had negatives about technological advancements and how these organizations gear towards data protection from information warfare due to advanced IT. The questions to answer are as below;
  • Whether the organizations have ever heard of financial data loss
  • Whether they have ever incurred financial data loss or know of an organization that lost financial data and how it happened
  • How they are prepared or how they safeguard their financial data 
The objectives of this study will be to assess the seriousness of personal financial data loss and at the same time enlighten financial institutions on the importance of strict financial data protection from fraud. With the findings, organizations will have a feeling of what is at stake.

Customer information ranging from credit card information, identity card number, email address, account number and social security card numbers are some of the most targeted by fraudsters. Organizations have lost such information causing losses amounting to millions of dollars. For example,

- HFSG in America in 2007 lost the personal information of 210,000 customers,
- During the same time last year, Art.com lost credit card information on a hacked server,
- The incident of Citi Bank debit/credit cards in Canada, the UK and Russia in 2006 is still fresh in our minds. In addition to the above, websites have come into existence which purports to be a certain organization’s official site but in a real sense, the sites are designed to collecting personal information for fraudulent activities,

When an intruder breaks into the network, into the server or into the storage defences of a company/organization, he/she is guided by one of these three goals; to have a look at the information he/she should not look at, to deny the organization/company the importance of using its data and to damage/destroy/share data (Walsh, J 2007).  ...Download file to see next pagesRead More
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