Once you have received a grade for Residency Assignment 1 Proposal, you may now proceed to the research portion of the Residency assignment. Remember to distribute team responsibilities for each membe

University of the Cumberland

ITS 631 Operational Excellence – Residency

June 14, 2020

Prof Dr. Robin Salyers

The reliance on technology and the advancements with automation tools allow organizations to seek competitive advantage in this digital age. Reaping the benefits of mobile and web applications, insurance and finance companies offer customers the tools to manage services online. However, data and security breaches disclose valuable customer information and endanger the organization's reputation impacting its survival.

Based in Santa Ana, California, First American provides insurance and settlement services for homes (First American Financial Corporation, 2020). Established in 1889, the company offers various insurance services and operates globally in collaboration with international partners (First American Financial Corporation, 2020).

The recent data breach of First American Corp exposed 885 million customer insurance records (Brian, 2019). The impact of this security breach showed effects on the stock prices and overall reputation of the organization. The key focus of this research is to identify the vulnerabilities and security failures that caused the web application breach and provide solutions to tighten security standards to safeguard customer and company information. The impacts of such an event shatter company's financial background, and legal consequences with lawsuits threaten the survival of an organization. The objectives of this research include the consequences of security breaches in line with compliances and laws protecting Personal Identifiable Information (PII) and the Gramm-Leach-Bliley Act. Furthermore, this research aims to identify gaps with organizational learning and response strategies in the event of a data breach. First American security breach investigated by the U.S securities council and Exchange council, and this research will include the underlying cause and design defects of the First American website (First American Financial Corporation, 2019).

Nationwide Insurance provides insurance services similar to First American and is one of the major competitors in the business. Implementing various security protocols, the Nationwide streamlines web and mobile application security with multifactor authentication, device registration, and TLS encryption (Nationwide Coporation, 2020). These standard security protocols create a framework to safeguard customer information. The proposed research will evaluate findings and provide recommendations to implement security standards shielding insurance and financial applications.

Brian, K. (2019, May 24). First American Financial Corp. leaked hundreds of millions of title insurance records. Retrieved from Krebs on Security: https://krebsonsecurity.com/2019/05/first-american-financial-corp-leaked-hundreds-of-millions-of-title-insurance-records/

First American Financial Corporation . (2019, May 28). Form 8-K. Retrieved from United States Securities and Exchange Commission : https://www.sec.gov/Archives/edgar/data/1472787/000156459019020528/faf-ex991_6.htm

First American Financial Corporation. (2020). Title insurance and settlement services. Retrieved from First American Financial Corporation Web Site: https://www.firstam.com/title-insurance-and-settlement-services/index.html

Nationwide Coporation. (2020). Online safety & Security. Retrieved from Nationwide web site: https://www.nationwide.com/personal/privacy-security/