Upon completion of this week’s activities, you will be able to:
Upon completion of this week’s activities, you will be able to:
- Articulate the importance of managers in modeling ethical behavior.
- Analyze methods available to managers for the communication of ethical standards to employees.
10.2 Action Required:
Read the following case: and answer the following question
The Equifax Data Breach
In 2017, from mid-May to July, hackers gained unauthorized access to servers used by Equifax, a major credit reporting agency, and accessed the personal information of nearly one-half the U.S. population. Equifax executives sold off nearly $2 million of company stock they owned after finding out about the hack in late July, weeks before it was publicly announced on September 7, 2017, in potential violation of insider trading rules. The company’s shares fell nearly 14 percent after the announcement, but few expect Equifax managers to be held liable for their mistakes, face any regulatory discipline, or pay any penalties for profiting from their actions. To make amends to customers and clients in the aftermath of the hack, the company offered free credit monitoring and identity-theft protection. On September 15, 2017, the company’s chief information officer and chief of security retired. On September 26, 2017, the CEO resigned, days before he was to testify before Congress about the breach. To date, numerous government investigations and hundreds of private lawsuits have been filed as a result of the hack.
10.3 Test your Knowledge (Question):
What aspects of this case potentially have legal compliance issues? Which factors highlight when something is legal yet unethical?
10.4 Instructions
Answer the question in test your knowledge section
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