Inherent Risk Management

Assignment Task

Introduction:

To have a thorough understanding of what constitutes engineering risk management and how theories, concepts, methods, etc. can be employed in industrial practice, this assignment provides the opportunity to practice by implementing the quantitative risk assessment and riskbased decision-making methods in a case study investigated in assessment 1.

Case Study

The Cyber security breach of First American Financial Corporation was a data breach that occurred in 2019. Founded in 1889 in California, USA, the First American Corporation is one of the leading insurance companies in the USA. Employing over 20,000 staff and with several international subsidiaries, most of its clients had extreme confidence in the organization. It mainly offers financial services to the real estate industry. Financial data is one of the most crucial data that has been greatly targeted by cyber attackers.

However, First American Corporation did not meet its expectations in providing proper security to its clients’ data leading to the cyber security breach and exposing the clients to identity theft and financial fraud. The breach was mainly a result of corporate negligence as opposed to a more common thirdparty cyber-attack. The breach was discovered by a real estate developer, Ben Shoval. The data breach exposed 885 million files that dated back to 2003. The files contained sensitive and confidential information including: clients’ full names, account numbers, social security numbers and transaction details. Access of private information without authentication can cause potential harm to the clients’ financial footprint. The data breach was as a result of a website design error known as Insecure Direct Object Referencing (IDOR).

In this case, a user can access an individual’s records by simply changing a digit on the URL. This data could easily be accessed through the organization’s website where the data was stored with no password protection. Modifying a link can grant anyone access to other records hosted on the same site. Unfortunately, this breach was initially detected in 2018 but no steps were taken to this regard. This negligence was in violation of the cyber security law where First American Corporation was fined by the New York State Department. This case was a wake-up call to organizations to protect their clients’ data from potential exposure.

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