29 Jul 2022

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How Does Cyber Crime Affect Firms?

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Academic level: College

Paper type: Essay (Any Type)

Words: 503

Pages: 2

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Decision-making is when a particular choice is made out of the many alternatives provided (Arcuri, 2017) . To make an informed decision, there should be a good gathering of information and assessing the possible available options. For the decision to be made in this section, we will have to reflect on the case study of a massive confidentiality breach at Dubsmash, a New York-based video massaging service. In this light, millions of users, account details were compromised after hackers infiltrated the company's database and sold the confidential information on the dark web marketplace dream market. In this case, the central ethical dilemma was the company's failure to explain what happened for the breach to take place. The moral dilemma presented by the subject was confidentiality. This refers to the act of ensuring that other people or entities ' information is kept private. Some laws prohibit the sharing of data belonging to other entities unless specified or under exceptional circumstances. Breach of confidentiality is liable for the damage. 

According to the knowledge gained from various ethical theories, laws, and codes of ethics, I would advise the company to offer a vivid explanation of how hackers compromised their data. This will be fundamental to regaining confidence by the affected parties. For instance, according to Kant's deontology theory, ethical actions should always follow the simple moral laws of not making lies and stealing (Arcuri, 2017) . According to numerous researchers, Kant was able to formulate a formulation to explain his course of action. The formulation before taking an action hone should be in a position ask themselves if the action would be right if taken by everyone else. Relating this to the case, the company could inform the affected party how their data was tempered but decided to remain silent. According to Kant, it will be right to explain to the affected parties since staying quiet and giving encouragement would not boost their confidence. Besides, in my own opinion, it will be essential if the company conveys the information about hacking to the affected person because they have the right to know (Arcuri, 2017)

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In my opinion, the ethical dilemma will be solved by disallowing the old passwords' reuse and ensuring the resetting of passwords periodically, which matches the entity's password policies. In that case, since the breach of confidentiality had already happened, banning the affected parties to use their older passwords will help them since the hackers or individuals who purchased the confidential information will not access their accounts. Periodic change of passwords will be able to prevent hackers from accessing the user's data. This will prevent the company from undergoing the breach of confidentiality case again. However, there will make a great objection from the stakeholders of the app. This is because the solution may affect the app users by feeling dissatisfied because of the stress involved in regularly changing the passwords. The regular changing of the password may cause difficulties in remembering the new passwords (Password fatigue. 2020). 

In conclusion, to make an informed decision, the concerned party should gather information to have a variety of available options then choose one that is feasible. Finally, the solution should be moral and legal to not go against any party's rights. Therefore, such should be implemented across many companies that deal with their clients' sensitive data. 

References 

Arcuri, M. C., Brogi, M., & Gandolfi, G. (2017). How Does Cyber Crime Affect Firms? The Effect of Information Security Breaches on Stock Returns. In  ITASEC  (pp. 175-193). http://ceur-ws.org/Vol-1816/paper-18.pdf

Password fatigue. (2020). NATIONAL LAW REVIEW. https://www.natlawreview.com/article/password-fatigue . 

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StudyBounty. (2023, September 16). How Does Cyber Crime Affect Firms?.
https://studybounty.com/how-does-cyber-crime-affect-firms-essay

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