Can someone please answer question 3 thoroughly thanks!
Cyber-attacks are growing in prominence every day (Mason, 2018). According to billionaire investor Warren Buffett (Oyedele, 2017), cyber threats are the biggest threat to mankind and bigger threats than nuclear weapons. Data loss and breaches can cost businesses much in terms of lost productivity, lost revenue, damage to the brand, and expensive recovery efforts. Problems inherent to computer security will likely persist; hence, security issues are increasingly relevant to the day to day activities of general managers, whether they like it or not. In addition, because of covid-19, the probability of exposure to a cyber-attack has increased. According to Deloitte (2020), the average cost of a data breach resulting from remote working can be as much as US$137,000. In fact, reports show that 47% of individuals fall for a phishing scam while working at home. In its "Cost of a Data Breach Report', IBM (2020) reports that the global average total cost of a data breach was $3.86 million. Regarding industries, healthcare had the highest industry average cost with $7.13 million. This is a business case set within a real-world context. It deals with actual events in 2017 in which U.S. credit reporting company Equifax was a victim of a cyber-attack. This case was written exclusively using public information sources. The case presents diverse issues related to cybersecurity, crisis management, and leadership. The cybersecurity problems that Equifax faced are not unique and are shared by most, if not all, companies that use sensitive personal information. Learning Outcomes This Assessment Task relates to the following Learning Outcomes: examine the role of business processes and the use accounting information systems have in capturing and managing information which supports the needs of stakeholders analyse and evaluate the design of business processes and accounting information systems explain the importance of internal controls and recommend internal controls that cover key business processes and which support the achievement of goals apply critical thinking, problem solving and communication skills to analyse, evaluate and interpret business processes and the accounting data that is generated. 3. While some experts believe that affected companies should publicly disclose breaches, others are against this view: a) Using different sources of reference, discuss whether or not companies should disclose data breaches and how soon they should disclose them, and b) Critically assess Equifax's disclosure strategy regarding the data breach. Cyber-attacks are growing in prominence every day (Mason, 2018). According to billionaire investor Warren Buffett (Oyedele, 2017), cyber threats are the biggest threat to mankind and bigger threats than nuclear weapons. Data loss and breaches can cost businesses much in terms of lost productivity, lost revenue, damage to the brand, and expensive recovery efforts. Problems inherent to computer security will likely persist; hence, security issues are increasingly relevant to the day to day activities of general managers, whether they like it or not. In addition, because of covid-19, the probability of exposure to a cyber-attack has increased. According to Deloitte (2020), the average cost of a data breach resulting from remote working can be as much as US$137,000. In fact, reports show that 47% of individuals fall for a phishing scam while working at home. In its "Cost of a Data Breach Report', IBM (2020) reports that the global average total cost of a data breach was $3.86 million. Regarding industries, healthcare had the highest industry average cost with $7.13 million. This is a business case set within a real-world context. It deals with actual events in 2017 in which U.S. credit reporting company Equifax was a victim of a cyber-attack. This case was written exclusively using public information sources. The case presents diverse issues related to cybersecurity, crisis management, and leadership. The cybersecurity problems that Equifax faced are not unique and are shared by most, if not all, companies that use sensitive personal information. Learning Outcomes This Assessment Task relates to the following Learning Outcomes: examine the role of business processes and the use accounting information systems have in capturing and managing information which supports the needs of stakeholders analyse and evaluate the design of business processes and accounting information systems explain the importance of internal controls and recommend internal controls that cover key business processes and which support the achievement of goals apply critical thinking, problem solving and communication skills to analyse, evaluate and interpret business processes and the accounting data that is generated. 3. While some experts believe that affected companies should publicly disclose breaches, others are against this view: a) Using different sources of reference, discuss whether or not companies should disclose data breaches and how soon they should disclose them, and b) Critically assess Equifax's disclosure strategy regarding the data breach
