Search The Internet And The University Library To Locate Inf

Search The Internet And The University Library And Locate Information

Search the Internet and the University library and locate information about a public company that has been a victim of hacking, data breach, or a computer crime. Based on the results of the search, write an academic paper 3 pages regarding design and implementation of a comprehensive forensic accounting strategy. Your paper should include the following:

— Assess the circumstances around the hacking and the resulting impact to the company's customers and operations.

— Put yourself in the place of the forensic accountant for that company and create a detailed forensic accounting strategy for the company indicating how implementing this strategy will minimize the risk of the business systems being hacked in the future.

— Search security authorization vendors and recommend a product for the company you selected indicating how this product will provide maximum security to the company's systems.

— Additionally, as a forensic accountant for that company, provide any suggested modification to the company’s security system given the increased risk of unauthorized access to the company's information systems and to ensure the company’s data reliability.

— Present your conclusion and final thoughts about the case selected and the effectiveness of your developed forensic accounting strategy.

Paper For Above instruction

Introduction

In the digital age, cybersecurity threats pose a significant risk to public companies, threatening both financial stability and customer trust. The case of Equifax’s 2017 data breach exemplifies the critical need for comprehensive forensic accounting strategies to detect, investigate, and prevent advanced cyber threats. This paper examines the circumstances of the breach, its impact, and proposes a detailed forensic accounting approach, including security vendor recommendations and system modifications, to mitigate future risks.

Background and Circumstances of the Data Breach

The Equifax data breach was attributed to a failure to patch a known security vulnerability in the Apache Struts framework, which was exploited by hackers to access sensitive consumer data. The breach exposed personal information, including Social Security numbers, birth dates, and addresses, affecting approximately 147 million people (U.S. Government Accountability Office, 2019). The delay in applying security updates was a critical lapse that allowed the breach to occur, underscoring deficiencies in the company's cybersecurity posture.

The breach resulted in severe repercussions, including significant financial losses, regulatory penalties, and damage to brand reputation. Customers faced identity theft risks, and the company's operational integrity was compromised as internal investigations revealed gaps in security controls and incident response plans.

Forensic Accounting Strategy

As a forensic accountant tasked with investigating and strengthening Equifax’s cybersecurity defenses, I would develop a multi-layered forensic strategy focused on early detection, ongoing monitoring, and systemic improvements.

First, comprehensive data audits would be initiated to identify vulnerabilities, especially in third-party software components. Continuous transaction monitoring systems should be implemented, utilizing real-time analytics to flag anomalous activities indicative of breaches. Forensic data preservation protocols are essential, ensuring that all digital evidence remains unaltered for legal and investigative purposes.

Furthermore, an incident response plan should be established, delineating clear roles and procedures to manage breaches efficiently. Regular penetration testing and vulnerability scans should become routine, supplemented by threat intelligence feeds that monitor emerging cyber threats.

A key component involves integrating forensic accounting tools with cybersecurity infrastructure. These tools include advanced SIEM (Security Information and Event Management) systems capable of correlating logs and detecting malicious activities promptly. By adopting data analytics and machine learning, the company can predict potential attack vectors and prevent breaches proactively.

Finally, staff training on cybersecurity awareness is vital, reducing the likelihood of social engineering attacks that often initiate breaches. An overall governance framework should be established to oversee compliance and continuous improvement in cybersecurity protocols.

Security Vendors and Product Recommendations

Regarding security solutions, I recommend implementing Palo Alto Networks’ Next-Generation Firewall (NGFW), recognized for its robust threat prevention, application control, and advanced malware protection capabilities. This product integrates deep packet inspection and real-time threat intelligence, offering maximum security coverage.

The NGFW’s capabilities extend to automated threat response, which reduces response time during incidents. Its advanced analytics facilitate forensic investigations by providing detailed logs and reports. Additionally, Palo Alto’s Cortex XDR enhances detection and response beyond traditional firewalls by correlating data across endpoints and network traffic.

This integrated approach ensures the company maintains a strong defensive perimeter, enabling early detection and rapid containment of threats, thereby minimizing the risk of future breaches.

Modifications to Security System and Data Reliability Measures

In light of the increased cybersecurity threats, several modifications are recommended to strengthen Equifax’s security posture. First, multi-factor authentication (MFA) should be enforced across all access points, especially for administrative privileges, to prevent unauthorized access.

Encryption protocols need enhancement; data at rest and in transit should be secured using advanced encryption standards (AES-256), mitigating risks associated with data theft. Network segmentation is also critical, isolating sensitive information from less secure systems, making lateral movement by attackers more difficult.

Furthermore, implementing a Security Data Lake, integrated with forensic tools, will improve data integrity verification and facilitate rapid incident investigation. Regular backups stored securely off-site ensure data availability and integrity in case of ransomware attacks.

From the forensic perspective, establishing an internal audit team empowered with forensic tools enhances ongoing monitoring and rapid response. These modifications, combined with a culture of cybersecurity awareness, will significantly mitigate risks associated with unauthorized system access and enhance data reliability.

Conclusion and Final Thoughts

The Equifax case highlights the importance of a proactive, layered forensic accounting and cybersecurity strategy. Implementing comprehensive monitoring, adopting advanced security products like Palo Alto’s NGFW and Cortex XDR, and strengthening security protocols can substantially reduce the risk of future breaches. A forensic approach not only aids in investigation but also serves as a preventive measure, ensuring data integrity and customer trust. Continuous evaluation and adaptation of security measures are essential in maintaining resilience against evolving cyber threats.

Ultimately, an integrated forensic accounting strategy aligned with robust cybersecurity practices protects the company’s assets and sustains stakeholder confidence in an increasingly hostile digital environment.

References

  1. U.S. Government Accountability Office. (2019). Cybersecurity: Better Coordination and Improved Transparency of Data Breach Information Are Needed. GAO-19-546.
  2. Kaspersky Lab. (2018). The evolving landscape of cyber threats to corporations. Kaspersky Security Bulletin.
  3. Palo Alto Networks. (2023). Next-Generation Firewall (NGFW). Retrieved from https://www.paloaltonetworks.com/products/next-gen-firewall
  4. Cortex XDR. (2023). Detect and respond to threats across your attack surface. Palo Alto Networks.
  5. Solms, B. v., & Niekerk, J. v. (2013). Information security governance: A model based on business enablers. Computers & Security, 38, 256-263.
  6. Anderson, R. J. (2020). Security engineering: A guide to building dependable distributed systems. Wiley.
  7. Stallings, W. (2017). Network security essentials: Applications and standards. Pearson.
  8. Ross, R. (2018). Forensic accounting fundamentals: A guide to forensic investigation. Journal of Forensic & Investigative Accounting, 10(3), 402-419.
  9. Smith, J., & Murray, B. (2019). Cybersecurity in financial institutions: Strategies and best practices. Journal of Financial Crime, 26(2), 500-512.
  10. Foster, R., & Johnson, K. (2021). Data encryption techniques and their role in cybersecurity. Cybersecurity Journal, 4(1), 28-40.

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