Report on Cyber Crime- VL Bank Case Study

Report on Cyber Crime- VL Bank Case Study

In this report, we would discuss the major provisions of Cyber Law i.e. Competency 423.1.3, Competency 423.1.5 and Competency 423.1.7 with respect to the VL bank's case study. As the chief security officer (CISO) for VL bank; the above stated provisions of Cyber law would be discussed. Recommendations would also be made for VL bank on how the institution can resolve the situation. Besides considering the relevance of above mentioned Cyber Law provisions; we would also discuss how cyber crimes could affect VL Bank's enterprise continuity and how the institution can incorporate technology to counter the effects of cybercrime.

How the Two Laws/Regulations Apply to VL Bank's Case Study

If we analyze the provisions of Competency 423.1.3; it clearly suggests that relevant laws and regulations must be implemented and constituted to resolve issues of cyber crime, terrorism, ethical dilemmas and authority. As VL Bank's customers make use of a well developed digital authentication procedure to keep a track of its activities i.e. accounts management, deposits and wire transfers.

The Competency 423.1.3 provision of Cyber law if implemented in its true spirit could restrict fraudulent wire transfers. It would also ensure a smooth flow of operations and would make it easier for the management to keep a track of banking activities.

The Competency 423.1.5 proposes a pre-determined set of regulations and requirements for information security vital to a bank. Besides, suggesting a mechanism for securing information; the Competency 423.1.5 provision would allow VL Bank to hold and process funds and relevant information through an electronic medium.

The VL Bank could implement the provision of Competency 423.1.7 cyber law and enhance their endeavors and operations on enterprise continuity. For a growing institution going through financial turmoil and fraudulent transfers; enterprise continuity is bound to play a major role in VL Bank's progress and financial performance. The Chief Security officer of VL must implement the above mentioned cyber law provisions in their true form to protect VL Bank from fraudulent activities, financial embezzlement and fraud.

Legal Jurisdiction to Resolve the Situation

As a consequence of the crime at VL Bank, the affected customers, employees and shareholders of the bank could pursue a legal route and claim damages in a court of law. As the chief security officer at VL Bank; proper legal measures must be taken to safeguard the bank's position and to counter any lawsuits filed by affected customers. A legal team should be formed meant to look after the bank's interest and protect it from any litigation. The issue of spear phishing should be countered on urgent basis. It falls under the paradigm of cyber law and misguides VL bank's potential customers. The activity can lead to severe legal consequences for the bank and can also affect its future business operations.

Legal Considerations for Preparing the Digital evidence VL Bank will need to Provide Law Enforcement & Attorneys

The security team of VL bank must preserve all the ...