The task: Progress your Module 2 write-up to include a threat analysis
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You have provided insight into your organization. You have described it. You understand the essential business function of your organization. If you have not called that out at this time, this will be the assignment where you introduce what business aspect is important to the company.
For instance, Puget Sound Energy is in the business of generating, transmitting and distributing power. It also provides emergency gas-leak response services. It also promotes regional initiatives to reduce power consumption. Maybe I have noted all that in my “context” paper. However, I want to focus in on one particular critical business aspect. So, imagine this statement somewhere directly or inferred in my initial context paper. Maybe at the end. Depends on your paper.
“Above all else, the primary business function is to ensure the safe and reliable generation and delivery of electric and gas power to its consumers. This paper will examine the most prevalent threats to that function.”
Then I introduce aspects of the “context” to start to discuss those threats. How about this:
“It was noted earlier that Puget Sound Energy operates both an information technology environment and an operational technology environment. The operational technology systems are the key computing and control components that ensure the safe and automated generation and delivery of energy resources. One of the primary threats to this environment would be any threat that could disrupt the integrity of the data and commands in the network, impacting safe and reliable energy delivery. A notable threat to this kind of integrity would be a ransomware attack. Ransomware is malware that “ encrypts (Links to an external site.) files, making them inaccessible to operating systems and programs, whether they be software components or data (Young and Yung, 1996). Should software components, or data be disrupted or rendered unreadable, the ability to balance real-time energy production and delivery across Puget Sound Energy’s network would be disrupted. Besides impacting energy delivery reliability, such a threat could result in something far more harmful if it was able to disrupt generation control mechanisms, like the extent to which dams are open in hydroelectric generation facilities.”
One thing to note is the organization of my paragraph using M-E-A-L.
My main point brought the reader to understand we are going to talk the operational technology portion, since it is responsible for safe and reliable for safe and reliable delivery of energy. It then introduces that a main threat is any that disrupts and that ransomware is that kind of threat.
My evidence describes ransomware. Note that even though I know what ransomware is, I referred to a source. Because I am quoting a fact and not making/analyzing a point.
My analysis supports my main point. It takes my main point, the evidence I have about ransomware, and provides the supporting discussion.
I’m just trying to help you all with a successful way to organize your thoughts, keep yourself properly focused on your main points, and develop the analysis to support what you are thinking. If you believe your style of writing is sufficient, please continue to use your method.
Bottom line, your assignment is to:
1. Take your Lesson 2 paper and convert it in a manner that provides the focus on what the paper will do a threat analysis on.
2. Take your Lesson 2 paper and make adjustments that I may have provided about grammar, statements, formatting, etc.
3. Expand your paper and actually perform the threat analysis. I am looking for three threats. The threats must be relevant to the business context you describe. The threats are not to be consumer-based threats. The threats could cover multiple issues (Confidentiality, Integrity, Availability) or a subset of those. What matters is that they are valid threats – threats that have been recognized in class.
4. Summarize the paper in a paragraph. Reintroduce the highlights of the introduction, reintroduce the main context points that are relevant, summarize the relevant threats. Do not introduce new concepts or make some new “point” in the summary.
Writing is to be submitted in Word in APA format. Data that is extracted from external resources and used in your document must be referenced both inline and at the end. If there is an inline resource, it must be referenced. If you have a reference, it must be cited in the paper.
This is a lot better. You have a lot of stuff covered here. I would only be concerned that your next paper is going to have some scope creep. Keep the focus of the paper tight. Three threats. What are the threats? Explain the threat terminology to me. Explain why they are threats to the organization.
Written Assignment Threat Analysis
|Written Assignment Threat Analysis|
|This criterion is linked to a Learning OutcomeStyle and Professionalism APA format. Supports statement of fact with appropriate inline references. References annotated properly at end. Paper lives on its own. Reader is presented with what the paper will discuss early on. Proper use of neutral voice. Very well organized, keeping the reader aligned with the points the author intends to make.||20 pts Exemplary Student/group demonstrated excellent grasp of style elements. Paper organization keeps the reader aligned with the points being made. Paper transitions from one point to another seamlessly. Not missing APA style requirements. 16 pts Proficient Student/group demonstrated proficient grasp of style elements. Paper organization needs minor but notable improvements so as to keep the reader aligned with the points being made. Paper transition may not be distinct. Missing a few APA style requirements 10 pts Needs Improvement Student/group struggled with many concepts of style elements. Paper organization needs multiple important improvements so as to keep the reader aligned with the points being made. Paper transition is difficult to identify. Missing several APA style requirements 0 pts Not Evident Necessary style elements are not evident in the paper||20 pts|
|This criterion is linked to a Learning OutcomeContent Student leverages the information from the context earlier established to identify relevant threats to that portion of the organization. The threat is identified, supported, and justified in the document.||80 pts Exemplary Excellent analysis of at least three relevant cybersecurity threats to the organization. The student identified the threats and fully justified how the threat is relevant and impactful to the organization and the context earlier established. 64 pts Proficient The paper does a shallow assessment of threats, does not identify three threats, or the analysis is poorly defended. The student didn’t effectively demonstrate how the threat is relevant and significant to the business function established in the context. 40 pts Needs Improvement The paper does an insufficient assessment of threats as described in the assignment. There are not enough threats examined, the student potentially interchanges threats with vulnerabilities, the student didn’t keep an organizational context, or analysis was barely provided. 0 pts Not Evident The student/group did not provide an identifiable threats to the organization and did not meet most of the assignment requirements.||80 pts|
|Total Points: 100|
Running head: WELLS FARGO 2
University of Washington Bothell
About the Company
Wells Fargo is a business that was set up in accordance to the laws in Delaware and its is a bank holding business that was incorporated under the BHC Act 1956 (Bank Holding Company Act. It acts as a principal for the subsidiaries that exist in different of the world. In other words, it is a parent company (Desai, 2019). In 2015, the business has assets that were valued at $1.8 trillion, equity worth $193 billion, deposits worth $1.2 trillion and loans worth $917 billion. Based on these figures, Wells Fargo is the third leading American company in the bank holding sector. The business had over 264, 700 full-time and active team members.
A brief description of the business focusses on the general aspect and the competition. Wells Fargo is a diversified business that offers financial services to the global market. It offers corporate, commercial and retail banking services through a wide range of distribution channels such as offices, banking stores and the internet. These channels target institutions, businesses and individuals in the US and across the globe (Desai, 2019). Additionally, the business offers a wide range of financial services through the subsidiaries that are involved in different sectors. The sectors include venture capital, investment advisory services, data processing brokerage, commercial finance, insurance agency, mortgage and wholesale banking. Notably, there are three major segments of the business that have been put in place for the easy management of the business. These include Community Banking, Wealth and Investment Management and Wholesale Banking.
The business operates in a competitive environment based on the fact that the subsidiaries compete with financial services providers including mutual fund companies, investment banks, insurance companies, finance companies, credit unions, banks and savings organizations. They also face a high level of competition from non-banking institutions such as online lending organizations, private equity companies and brokerage houses. It can be noted the most of the competitors face a lower number of regulations while compared to Wells Fargo. Securities and insurance companies that choose to become financial holding organizations acquire financial organizations. These arrangements have resulted in changes in the competitive environment. It is expected that the financial services sector will become increasingly competitive owing to the technological advancements that have taken place in the field. These technological changes could reduce the significance of financial intermediaries and depository institutions.
About Security Systems
Wells Fargo takes its data and that of its clients seriously as observed from the security measures that have been adopted by the business to address the existing and emerging threats. To start with, the company adopts appropriate identification measures to ensure that they communicate to the right individuals. When users sign up in the Wells Fargo website, they are requested to create a unique password and username and this data is encrypted. Further, the company utilizes advanced access which is a comprehensive security measure that bars unauthorized transactions and ensures the safety of the clients’ data (Desai, 2019). It follows that customers are needed to give an access code name that confirms the identity of the users in specific transactions. The company also sends an access code when one signs in. Customers offer the users comprehensive safety tips that ensure that the users are safe from cyber-crime.
Data protect is at the heart of the company’s operation. The first initiative that proves this is the round the clock fraud monitoring initiative (Desai, 2019). Customers are advised to contact the company if they detect any unusual activity. The business has come up with measures to address online fraud in a timely manner without asking for the users to give their personal information. For instance, customers are required to confirm their identity before their online access can be restored.
The company provides browser and encryption requirements. It follows that the Wells Fargo and Wells Fargo mobile banking sessions are all encrypted as a way of protecting customers’ data. the business also supports the browsers that follow encryption standards. It advises its customers to keep their mobile apps, malware elimination and antivirus programs up to date and retain security patches. On the other hand, outdated browsers are blocked as they can contribute to security risks (Desai, 2019). Account problems have also been found to be a critical area that is covered by the company’s security policy. It follows that any unauthorized activity is treated by the company under the Electronic Fund Transfer Act and federal law. The regulation covers all the funds that are transferred electronically using ATMs and debit and credit cards. The business provides zero liability protection which means that the debit and credit cards are covered by the system at no added cost. This means that individuals are not held responsible for any illegal transactions that are done using their cards as long as they are reported promptly.
Applications and Data
Companies in the modern times are dealing with a high volume of diverse data. The management understands that when data is structured effectively, it can be used as a catalyst for transformation. The business has been implementing data analytics and data that is aimed at fraud management and personalization. Prahalad Thota who is the Head of Enterprise Analytics & Data Science is the brain behind these initiatives. He believes that data can be used to make changes and maintain a high level of competitiveness in the business.
In the recent times, Wells Fargo has adopted a centralized approach that is focused on managing the data bank of all the function, products and business aspects. The company has organized a team that brings together the information that has been collected from diverse sources. Additionally, the business is keen on establishing the appropriate governance in regards to data management and storage. The team has shown its commitment on leveraging data for driving innovation. Wells Fargo has been investing in machine learning and artificial intelligence as a way of facilitating the customers. More importantly, the business is in the process of coming up with a data lake and come up with a strong data policy and system in all areas of the organization. The data analytics that have been put together by the business are applied for diverse uses. To start with, the data is used to determine how the company’s products perform in the market and the factors influencing their growth.
Market analytics is also utilized by the business to establish how the marketing of different products and services is being conducted in the market. It offers insight on the efficacy of the various marketing channels that are utilized by the organization. The third facet is risk analytics and the information is used to get a detailed examination of the performance of the products in the market. The business is also needed to conduct a high level of financial reporting and data analytics make the process easier. Wells Fargo utilizes the data available to come up with models that can be utilized in making future predictions. For instance, the business can establish the products that the customers will prefer in future. Overall, a lot of work in put into this and the business hires experts to come up with meaningful conclusions regarding data use.
Third Parties and Third-Party Services
Wells Fargo has shown that its main interest is ensuring that the customers needs are met adequately. The bank’s customers are now in the position to share their financial position utilizing and API the exists with more than fourteen hundred third part capabilities that apply Envestnet. This goes in line with the company’s plan to grant their customers freedom on how they deal with their financial information (Magana, 2020). The company has been planning to launch the experience with select app companies that work in collaboration with Envestnet. It is expected that the deal between Envestnet and Wells Fargo will pave the way for the entity to grow the Control Tower value. It follows that Control Tower paves the way for the business to centralize how customers access their account and cards information. On the other hand, it shows a lost of the merchants that have frequent transactions within one year.
The collaboration with Envestnet will result in an expansion in the control tower abilities that pave the way for the clients to allow or prohibit the third parties from accessing their financial details. Based on the past studies, organizing these resources in a single platform paves the way for improved customer satisfaction (Magana, 2020). The business has between working towards attaining frictionless links between third party financial apps. This will help the company grow its market share such as fintech in the light of the Covid-19 pandemic. The current crisis has caused consumers to get into a financial crisis that calls for the support of stable financial institutions such as Wells Fargo. A survey conducted in the recent times on the American consumers showed that a higher number of individuals are utilizing fintech apps. The company’s success is dependent on the collaborative efforts that it has put with the third parties that have enabled it to retain its relevance and significance in the market.
Desai, V. J. (2019). Inside Wells Fargo’s data management system. Retrieved from https://cio.economictimes.indiatimes.com/news/strategy-and-management/inside-wells- fargos-data-management-system/71799797
Magana, G. (2020). Wells Fargo will enable customers to share financial data with third parties via Envestnet | Yodlee’s platform. Retrieved from https://www.businessinsider.com/wells- fargo-ups-third-party-fintech-data-sharing-capabilities-2020-9?IR=T
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