The Reasons for Brexit

Name# Weijia Zhang

ID# 1183107

1. Equifax Data Breach

A timeline of the Equifax Data Breach

Mid-May to July 2017 (impact to affected customers)

Criminal hackers carry out an attack and infiltration of Equifax servers. It resulted in unauthorized access to the personal information of nearly 44% ( 143 million )of the U.S. population.

Sept. 7    (management respond)

Breach publicly announced.

Sept. 11

Two key US senators ask Equifax Inc. to answer detailed questions about a breach of information affecting up to 143 million Americans, including whether U.S. government agency records were compromised in the hack.

Sept. 12 (management respond)  

Equifax announces two senior computer security executives at the company are retiring.    

Sept. 12  (management respond & potential remediation actions)

Equifax CEO Richard Smith writes an op-ed for USA Today apologizing for the intrusion and vows to make changes to protect against cyber crimes in the future.

Sept. 13

Equifax CEO is formally called to testify before Congress on October 3. Smith will testify before the members of the House Energy and Commerce Committee.

Sept. 15(management respond)

Equifax announces its chief information officer, Susan Mauldin, and chief security officer, David Webb are retiring "effective immediately."    

Sept. 21(management respond)

Equifax admits it sent victims of the data breach to a bogus website that shared a similar address to the one it set up to help victims.

Sept. 26 (management respond)

Equifax announces its CEO, Richard Smith, retires. Paulino do Rego Barros, Jr., a seven-year veteran of the company, is appointed interim Chief Executive Officer.

Oct. 2(  impact to affected customers)

Equifax releases information from a report by forensic computer security company Mandiant which identified an additional 2.5 million people whose information was stolen.  

business ethical considerations faced by Management.

First, as for Equifax data breach one of the most important problem for customers is the detail of how the Equifax data compromised? We still don’t know, and that has led to a great deal of criticism and speculation. So, for the management they should face are integrity and trust. Integrity means the company must be honest, and company must let customers know the truth about data breach.  A relationship of trust between management and customers must be a key point to company's success.When businesses fail to disclose their intended business practices, such as selling customers' information to third parties, it's considered unethical behavior.

Second, Equifax executives dumped stock after the breach.  Management should be aware of the limits of their rights and do not take any action that exceeds those limits. They can not take any actions to threaten their customers interests.

Finally,business and government between the business ethics: government policy needs of the business community with the support of finance is one of the important industries of national economic development, and thus financial policy is the focus of government governance, the enterprise must not only comply with government-related Of the regulations, but also to respond with the government's financial policy.

2.“Brexit”

The background of rationale for UK’s departure from the EU

January 23, 2013 -- British Prime Minister Cameron first mentioned “Brexit”.
January 4, 2015 --- British Prime Minister David Cameron announced if possible, the original plan of Brexit will change before 2017

May 28, 2015 -- It reported that the UK government submit  “Brexit vote” to the House of Commons, which including referendum statements, and promised to vote by the end of 2017.
March 16, 2017 --- Queen Elizabeth II approved the "Brexit" bill, and authorized the British Prime Minister Teresa Mei officially launched departure form the European procedures.