• The recent breach of data security that occurred at a major player in the telecoms industry has had a substantial effect on the project scope and timeline for banking institutions. Data security practices for financial institutions are required to ensure that all personal data is encrypted and stored securely, and that the data must be destroyed once the client is no longer a client. This requirement was issued by the federal government and stipulates that the practices must be implemented. Within three months of the directive being issued by the federal government, these practices are required to be brought up to date and incorporated into risk management frameworks. At the end of the period of three months, financial institutions are required to produce evidence of compliance to the Australian Prudential Regulation Authority (APRA) as well as the Federal Government.
• This modification will have a considerable effect on the project's scope because it will necessitate the updating of the financial institution's risk management frameworks and practices to incorporate data encryption and secure storage. This will take a lot of time. This will almost certainly result in higher expenses as well as a delay in the completion of the project's timeline. Techniques for managing project costs and schedules should be implemented by the financial institution as a recommended course of action in order to effectively manage this transition. This involves determining how the change will affect the project's budget and timeline, as well as modifying the project plan to account for the new information. Additionally, the financial institution have to convey the adjustment to all of the relevant stakeholders and make certain that these individuals are kept up to date about the altered project plan.
• Because of the breach in data security, a number of adjustments need to be made in order to ensure that we are in compliance with the new directive that has been issued by the Federal Government. Encryption of data and safe storing of it will need to be added to the risk management frameworks, policies, and procedures that the financial institution uses. This will almost certainly result in higher expenses as well as a delay in the completion of the project's timeline. It is recommended that the financial institution implement project cost and schedule management strategies in order to manage this change. These strategies will allow the change to be managed. This involves determining how the change will affect the project's budget and timeline, as well as modifying the project plan to account for the new information. Additionally, the financial institution have to convey the adjustment to all of the relevant stakeholders and make certain that these individuals are kept up to date about the altered project plan.
• The financial institution will be able to evaluate the impact of the data security incident and the modifications that have resulted from it on the project's budget and schedule once they have applied the approaches for managing project costs and schedules. Because of this, they will be able to make the necessary adjustments to the project plan and inform everyone involved of the new developments. If the financial institution follows these steps, it will be able to increase the likelihood that the project will be finished on time and without exceeding its budget.

REFERENCES

• Steffens, W., Martinsuo, M., & Artto, K. (2007). Change decisions in product development projects.International Journal of Project Management,25(7), 702-713. QUESTIONS I NEED TEXT CITATION FOR ABOVE REFERENCE