Testing the Hypothesis, Part 1

Assignment 7A- Testing the Hypothesis

1)      Opportunity I would like to pursue: Increasing cyber security to protect consumer information.

2)      Who: Businesses and corporations unable to protect private and financial details about customers from hackers, and companies aimed at stealing information.

What: Private data and records such as social security numbers, birthdays, family/health history. Financial information such as credit card numbers, bank account information and places of transaction are also being stolen at alarming rates.

Why: People that steal this information either try to use it themselves for their benefit or sell to another company that can exploit it. Businesses that figure out ways to enhance cybersecurity to protect from this kind of theft will build consumer trust, thereby increasing their business.

3)      Testing the Who? Who do you believe is threatened by increasing threats to private data and cyber leaks? How can businesses and corporations benefit from the opportunity of making their customer data more secure?

Testing the What? What can be done to protect consumer data from an increasingly cyber world? What measures can consumers themselves take to ensure their information is being protected?

Testing the Why? Why is there such a push for more government regulation on cyber security and protection? Why can businesses and individuals exploit this opportunity to make a financial gain?

4)      Interview #1- Caroline Abromovici (Roommate)

-          I believe anyone that participates in online shopping, banking, makes any bookings online or enters any type of personal information is vulnerable to cyber-attacks. Nowadays everything is online and the chances of being hacked by a company or individual trying to exploit your data are at an all-time high. Every time I enter any personal information about myself, I am always concerned if it will actually be kept private. If businesses and corporations increase their cyber security and make it more of a priority to protect consumer data, I would definitely be more willing to purchase products and services from them. I think in this way businesses that are committed in this mission will grow in the future because they will have a more trusting and loyal clientele.

-          In order to protect consumer data, businesses can make sure their records are only accessible to company employees. In addition, they can hire an entire division of people who are solely focused on the cyber security of the company. Also businesses and companies can try to delete consumer information, once a purchase has been made. Even though it is an annoying process to collect customer information again, I think if you keep people’s records on file, they have a higher chance of being stolen.

Consumers themselves can protect private information by taking measures like not purchasing things from sketchy websites or making payments off their phone.

-          I think there is an increased push for government regulation on cyber security because the world is becoming increasingly digitalized. Nowadays people do more online shopping, banking and bookings, than in person. Social media also plays a big role in connecting the world and leaking private data. I believe businesses and corporations that realize this need of more trustworthy and secure platforms for consumers to make purchases will see more customers and more profits.

Interview #2: Kylie Barns (Friend)

-          I think everyone, especially kids in college, are threatened by increasing threats to cyber leaks and private data. For instance, in college a lot of personal information about individuals in documented and recorded by the school online. Not only is this information kept on record, but it is saved for years because the university wants to encourage alumni participation and donation. All of this information is kept online, so cyber security is definitely threatened. If businesses/institutions make cyber security more private they would definitely see an increase in business because individuals are more likely to trust them.

-          In order to protect consumer data from an increasingly cyber world, institutions and businesses can try to keep minimal customer/student/consumer records. Often times when we go online to purchase something, it asks for all kinds of details like birthday, address etc. So keeping information that is not necessary for the intended purchase can really help people’s information being kept private because there would be less of  it in the open. Consumers can protect their privacy by only giving out what’s required and not over-sharing their life. A lot of times social media can promote a culture of sharing everything from your location, to where you eat, to where you vacation. This kind of over-sharing can make it easier for hackers to steal your private data.

-          I think there is an increased push for more government regulation on cyber security because leaks and hacks are becoming commonplace. I felt like before celebrities and powerful individuals were more at risk, but with the advent of social media everyone is threatened. Businesses that take this consumer fear into account and improve their security measures will definitely see a rise in business because customers will feel safer and be more likely to engage with them than a competitor.

            Interview #3- Deep Desai (TA)

-          Everyone who uses the internet for banking or online shopping is in danger of having their private information being hacked. If businesses and companies are able to make their websites more secure it will boost consumer confidence. For instance, if a bank like Citi has had multiple hacking issues when it comes to online banking, the majority of people are more likely to switch to Chase if that bank provides a more secure platform.

-          In order to protect individual privacy and consumer data, tech companies and businesses can make their requirements more private. For instance, not allowing individuals to keep their settings on public for the world to see may ultimately benefit that individual. In addition, having a team to fight hackers, rather than react to the problem when it happens will help businesses protect data. As I alluded to, consumers can protect themselves by not oversharing and only buying stuff off trust worthy sites and companies.

-          I think there is an increased push for government regulation on cyber security, because everything is becoming online. Banking, airline/hotel bookings, even education is moving towards the online world. So the issue for protecting data for online users is pressing now more than ever. Businesses and companies that can keep consumer data safe will see a financial gain because they will have a more trusting base.

Interview #4- Jess Fernandez (Roommate)

-          With more and more people being connected by the internet, and using it for online transactions I believe everyone is at an increased risk of having their private information being accessed by hackers. Businesses and corporations can benefit by increasing their cybersecurity because people are more likely to use, or buy from companies that protect their private information, rather than companies where leaks have been known to happen.

-          In order to protect consumer data, businesses and companies can try to limit the information they collect, especially if it is non-essential to the particular transaction. In addition, they could have a good firewall and defense mechanisms put in place to prevent online hacks. Consumers can protect their own private data by not purchasing or going on sites that are not trust-worthy. In addition, trying to limit the amount of personal information they put online could also help. For instance, not giving out your phone number or social security number online could prevent a potential leak.

-          I think there is more of a push for government regulation on cybersecurity because the amount of hackers and companies specifically aimed at stealing private data is increasing. People now more than ever are at risk of being hacked and not enough is being done by businesses to protect sensitive information. Cases of patient medical records being sold, credit card fraud and identity theft are increasing because of the cyber sphere we live in. If businesses and tech companies make their platforms more secure, customers would be more likely to purchase a product for them. This is a great opportunity for businesses to exploit because it would build a trusting clientele.

Interview #5- Michelle Slater (Friend)

-          I believe people in countries with access to the internet and financial assets to be stolen are all at risk of cyber theft, attacks and leaks. With this increased threat, businesses and companies can exploit this opportunity by making their websites and corporations safer and more private for users. This will build a positive reputation for the company and enable them to progress over companies that don’t place as much emphasis on cybersecurity.

-          To protect consumer data and private information, companies can designate more of their annual budget for IT and cybersecurity. If there are companies out there with the sole target of stealing private data, businesses need to have a big enough division of people to combat the threat. Consumers can try to keep private information to a minimum online. For instance, if someone is banking online they could limit themselves to only putting their information out there for 1 bank, rather then 3 or 4 different ones.

-          I think there is a bigger push for government regulation on cybersecurity because with the emerging threats out there people aren’t confident that businesses will come up with mandates to protect consumer information without specific legislation from the government. Companies can exploit this opportunity by building more loyal consumers and bolstering their reputation.

5)      After my interviews, I definitely realized that cybersecurity is a major opportunity for businesses and corporations to grow in the future. People are more likely to purchase from or work with companies that protect private data, and have a reputation for being safe. Especially, when it comes to banking or major payments for bookings, individuals want to ensure whoever they are working with will keep their information private. Although, I knew cybersecurity was going to be a big focus for the government in 2020, I didn’t consider the magnitude of the impact it would have on consumers and businesses.