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Memo

Braeden Wark writes a memo to Victor Dodig, CEO of CIBC, about cybersecurity threats facing the banking industry. The memo outlines three main concerns: 1) cyber criminals obtaining customer passwords and pins to access accounts, 2) hacker groups cracking codes to access the bank's entire system and disrupt operations, and 3) employees disclosing confidential customer data which could damage the bank's reputation and cause customers to switch to competitors. The memo urges Dodig to consider these threats and ensure CIBC protects customer data and systems from cyber attacks.

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299 views2 pages

Memo

Braeden Wark writes a memo to Victor Dodig, CEO of CIBC, about cybersecurity threats facing the banking industry. The memo outlines three main concerns: 1) cyber criminals obtaining customer passwords and pins to access accounts, 2) hacker groups cracking codes to access the bank's entire system and disrupt operations, and 3) employees disclosing confidential customer data which could damage the bank's reputation and cause customers to switch to competitors. The memo urges Dodig to consider these threats and ensure CIBC protects customer data and systems from cyber attacks.

Uploaded by

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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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M E M O R A N D U M - C Y B E R C R I M E I N T HE B A N K I N G I N D U S T RY

TO:

VICTOR G. DODIG, CEO CIBC

FROM:

BRAEDEN WARK, BRAEDENS CYBER SYSTEMS INC.

SUBJECT:

CYBER SECURITY THREATS

DATE:
CC:

MR. CORRIERI, BUSINESS TEACHER DENISON HIGH SCHOOL


KEVIN PATTERSON, VICE PRESIDENT, TECHNOLOGY AND OPERATIONS
CIBC

Dear Victor Dodig,


I am writing to you today to bring to your attention the threats of cyberattacks and cyber-crime and how they can impact the CIBC. The three main
concerns that I would like to cover with you are people breaking into
customers passwords and pins, people cracking the codes to get into the
banks main frame and employees disclosing confidential data.
First, I would like to talk about people breaking into your customers
accounts by obtaining their passwords and pin numbers. These cyber
criminals can access your customers accounts by stealing their passwords.
They can do this by hacking your customers computer or other devices.
When the cyber criminals do this, they can contact things like Amazon or
other companies/websites that allow you to purchase things. By doing this
they will be able to ask Amazon for letters out of your pin number. From
there it wont take them long to take over all your devices and accounts.
Second, I would like to talk about how people can crack the codes to get into
the entire main frame of the bank. This is possible if the hacker group
known as Anonymous wanted to. They could steal money and seriously
disrupt the operations of the bank. Also, if they got access to everyone who
is covered by CIBCs accounts they could hurt a lot people financially. This
could eventually lead to customers choosing different banks in the future if
they do not think that you can safely and securely hold their money.
Third, I would like to talk about how employees can disclose confidential
data to competitor banks, cyber criminals and other people. Also, they could
steal the money for themselves. If an employee does this your bank will
slowly gain a bad reputation for employees not being trust worthy, this could
lead to your customers going to other banks and if one employee is doing

this then there could be multiple employees doing this. Dont forget that if
you lose customers then your bank will lose a substantial amount of money.
I hope you consider all this information useful to you and CIBC. Because at
the end of the day it comes down to how the customers feel. If you have any
questions regarding the information I just wrote about, call my office or just
contact me directly. I hope that the information I have given you will benefit
CIBC and its customers. Thank you for reading this memo.
Braeden Wark. CEO, Braedens Cyber Systems Inc.

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