QUESTION

Cybercrime Case Study

During the semester, you will select one cybercrime case or event (does not have to be a court case) related to the class.  You must use reputable sources.  (Hint: BLOGS/WIKIS are NOT reputable sources. News articles from reputable media outlets and court documents are ok to use.)  Do not choose a current event/case that have been discussed in class or covered in class material.

You will write a minimum of two pages, 1 page for each section.  This DOES NOT include the heading!  Anything less than one page of text, in each section, single spaced, will be graded accordingly. If your assignment is not formatted correctly, you will lose points!

Your paper should include a summary and analysis.  It should reflect thorough research on the case.  You should have AT LEAST 3-5 reputable sources cited in your paper.

Summary:

• At least 1 page
• In your own words!
• Include in-text citations (APA format) as needed
• You should not include quotes in a short paper – use your own words!
• Remember, anything that is not your original idea MUST BE CITED. This will likely be EVERY sentence in your summary. 

Analysis:

• At least 1 page
• Analyze the case
• Explain the relevance of the case to cyber security/computer forensics field
• You should not include quotes in a short paper

Formatting:

• Include a cover page with the following statement:
  • By submitting this assignment, I certify I have abided by all requirements of the GMU honor code. I certify that this is entirely my own work, no unauthorized sources have been used, and all sources used have been properly cited.
• Single spaced
• 12 point font
• Calibri or Arial
• 1 inch margins
• Citations in APA format – both in-text and works cited

Review the grading rubric prior to submission!

Check your SafeAssign report and re-submit if needed. Any paper submitted that is not properly cited or plagiarized will be submitted to the Office of Academic Integrity.  This includes failure to properly and completely cite your paper (i.e. no in-text citations, missing in-text citations where needed, no full APA citation, missing “ ” on quotes, etc.)

Please review the resources in the Handouts folder on Blackboard.

Papers must be submitted on Blackboard before the due date.  Late papers will not be accepted for ANY reason (including Blackboard malfunctions).

ANSWER

Title: Cybercrime Case Study: The Equifax Data Breach

Introduction

Cybercrime has become a pervasive threat in the digital age, targeting individuals, organizations, and even governments. This case study focuses on the Equifax data breach, a significant cyber incident that occurred in 2017. The breach exposed sensitive personal and financial information of approximately 147 million individuals, highlighting the vulnerabilities in data protection and the critical need for robust cybersecurity measures.

Summary

The Equifax data breach, one of the largest and most damaging in history, was discovered in July 2017, but the unauthorized access to the company’s systems had occurred several months earlier. Equifax, one of the leading credit reporting agencies in the United States, experienced a breach that compromised the personal data, including Social Security numbers, birth dates, addresses, and in some cases, driver’s license numbers, of millions of Americans (The Growth and Challenges of Cyber Insurance – Federal Reserve Bank of Chicago, n.d.).

The breach occurred due to a vulnerability in Equifax’s Apache Struts web application framework, which was known and had a patch available. However, Equifax failed to apply the patch promptly, leaving their systems exposed. Cybercriminals exploited this vulnerability to gain unauthorized access to Equifax’s databases and exfiltrate sensitive information. The breach went undetected for several months, during which the attackers had ample time to access and steal the data.

The aftermath of the breach was extensive, resulting in significant reputational damage to Equifax and financial losses for affected individuals. The exposed data could be exploited for identity theft, financial fraud, and other malicious activities (Ali et al., 2021). Equifax faced numerous lawsuits, regulatory investigations, and public backlash due to its perceived negligence in protecting the personal information entrusted to it.

Analysis

The Equifax data breach holds several critical lessons for the field of cybersecurity and computer forensics. Firstly, it emphasizes the importance of prompt and thorough vulnerability management. Equifax’s failure to patch a known vulnerability highlights the risks associated with lax patching practices . Organizations must prioritize timely patching and apply updates to critical systems promptly to mitigate potential risks.

Secondly, the breach underscores the significance of robust access controls and monitoring systems. Effective access controls and continuous monitoring can help detect and prevent unauthorized activities within an organization’s network. Equifax’s delayed detection of the breach allowed cybercriminals to exploit the vulnerability and exfiltrate data without interruption. Implementing advanced intrusion detection systems, log analysis, and regular security audits are crucial to identifying and mitigating potential security breaches.

Moreover, the Equifax breach highlights the necessity of implementing proper encryption and data protection mechanisms. While Equifax encrypted some of the sensitive data, a significant portion was stored in plain text, making it easily accessible to the attackers. Organizations should adopt strong encryption practices, both at rest and in transit, to safeguard sensitive information from unauthorized access.

The case also emphasizes the importance of incident response and breach notification. Equifax faced significant criticism for its delayed disclosure of the breach to the public, which hindered affected individuals’ ability to take immediate action to protect themselves (Karyda, n.d.). Organizations must have well-defined incident response plans in place, including clear communication strategies, to promptly address and notify individuals impacted by a breach.

Conclusion

The Equifax data breach serves as a poignant reminder of the serious threats posed by cybercrime and the critical need for robust cybersecurity measures. The breach exposed the vulnerabilities in Equifax’s patch management, access controls, data encryption, and incident response practices. By analyzing this case, cybersecurity professionals can gain valuable insights into the importance of proactive security measures, timely patching, comprehensive monitoring systems, and effective incident response plans to prevent and mitigate the impacts of cyber incidents.

References

Ali, S. F., Lai, F., Hassan, R., & Shad, M. A. (2021). The Long-Run Impact of Information Security Breach Announcements on Investors’ Confidence: The Context of Efficient Market Hypothesis. Sustainability, 13(3), 1066. https://doi.org/10.3390/su13031066 

Karyda, M. (n.d.). Data Breach Notification: Issues and Challenges for Security Management. AIS Electronic Library (AISeL). https://aisel.aisnet.org/mcis2016/60/ 

The Growth and Challenges of Cyber Insurance – Federal Reserve Bank of Chicago. (n.d.). https://www.chicagofed.org/publications/chicago-fed-letter/2019/426