Cybercrime is on the rise and it comes with a hefty cost to the economy. It dama

Question

Cybercrime is on the rise and it comes with a hefty cost to the economy. It damages businesses and their reputations. It jeopardises the safety of individuals, organisations and even countries.

Issues involving security and cybercrime seem to arise almost daily. These incidents are reported in daily newspapers as well as specialised magazines and websites dedicated to tracking the ethical and/or social aspects of cyber technology.

- Summarise a significant current cyber-security incident regarding an attack affecting privacy, security, intellectual property or any other similar topic.

- Analyse the incident and list all stakeholders who were affected and the magnitude of harm occurring to them, if any.

- Analyse the legal, ethical, social and/or professional issues involved and how and why they occurred.

- Explain what is being done (or was done) to resolve the issues you identified above and evaluate these solutions’ effectiveness. Justify your reasoning and explain what you would do differently, if anything, and why.

- If nothing was done, explain what course of action should have been taken to resolve these issues and why.

Explanation / Answer

Innumerable stakeholders are there. From individuals, to business organisations who have been tremendously affected by this. As for example, A woman living in New Delhi Laxmi Nagar lost about two lakhs in a couple of minutes.

Measures taken:

largest lender State Bank of India (SBI) has asked its customers to change their magnetic strip based ATM cards with the one with EMV chips card before Dec 31st, 2018. EMV chip cards are safe from skimming fraud and lost and stolen card fraud.

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