Individual Assignment Specifications Purpose The purpose of this assignment is to find recent news that involves information security breaches, analyze the chosen news and produce a report. ...

Information security breaches of ANZ Bank
IT disasters in ANZ Bank
The IT disaster in ANZ Bank was with respect to a new phishing scam which was designed to steal the credentials of the bank. Through this mail the customers of ANZ Bank were being targeted. Also the phishing email sender’s name which was displayed was ‘ANZ Online’. But, it was later inquired that these emails were coming from a compromised email account (Vinelli Alarcon, 2020).
The email appeared on 5th January 2020 in the email account of the ANZ Bank customers.
The format of the email was very short and was clear-cut. The message was advising the customers who were the recipients that ‘You have an important message related to the security in your internet banking account and it consists of a link to ‘login and view the message’. Phishing attacks are a highly effective form of cybercrime which encourages and enables criminals to steal or deceive important data. It is a social engineering attack where the attacker lures the users to obtain sensitive information by illegally exploiting the trustworthy organization in an automated manner so that the internet users trusts the messages and are able to reveals the victims’ insightful information to the hacker (Jakobsson and Myers, 2006).
Impacts on the public trust of ANZ Bank
The impact on the consumers of ANZ Bank were that when recipients clicked on the specific link as provided by the attackers was directed to a legitimate duplicate appearing copy of the Internet banking login website of ANZ Bank. Once the login credentials were provided by the customers on this login page, all the account information of the customers were transferred including the userID and password, account details and the amount of bank balance available. Instantly, the attackers since were able to get the userID and password were able to make illegal transfers from the customer’s account to their accounts.
Customers reported on these incidents to the ANZ Bank authorities. The scam didn’t stopped here as the attackers were trying to yield even more sensitive and valuable information of the customers by forcefully answer them five questions on security. Thus the customers once clicked on the link were handing over their login credentials to the attackers and once they answered to the five questions, they were redirected to the ANZ websites (Vinelli Alarcon, 2020).
How ANZ Bank overcome IT disasters and the impact of Covid-19, in the last 12 months
The way the ANZ Bank was able to overcome the IT disasters like phishing can be by simply deleting the email scam. The customers or users of email need to delete the email. Also there is need to type the address of the website in the browser’s address bar instead of clicking on the links entering through emails. Also the customers should not respond to emails which are requesting for personal identifications and information or any security credentials like UserID or passwords. The bank customers are not tech savvy or technically equipped in digital and cyber ethics. This increases the chances of technical vulnerabilities. Also greediness is one more human weakness which lures the customers and is used by the hackers. This may be in the form of discounts, offers, gifts etc. (Workman, 2008).
Due to the covid-19 pandemic impact and phishing attacks on the ANZ Bank and its customers there was a decline in the net profit by 51% in the first half of the 2020. The net profit stood at AUD$1.55 billion. Most of the profit was...