Project Progress Assignment Example | Topics and Well Written Essays - 1250 words

Project Progress - Assignment Example The cases of identity theft and information un-safeness have increased in many countries and hence the passing of laws for citizen protection. Organizations are expected to create risk management plans that will take precaution on data security and prevent occurrences that threaten the private data of their customers. Information is important to all stakeholders(Gray & Larson,2008). Flayton electronics has recently been involved in digital purchasing by providing the service of purchasing using credit cards. They have failed in protecting the customer’s data and cases of fraud using the credit card information were reported. With this happening, the company exposed its failure to fulfill their legal duty to protect the customer information. The company was expected to have a self-sufficient risk management plan that would analyze and access risks of any project that they are involved in. This would ensure that they design specific responses to any anticipated risk. The risk management manager did not analyze the risks involved in the new business trend and hence the risk occurred hitting the company by surprise. The number of bad cards purchased was above average and hence many goods were purchased wrongly. This means that the company lost a lot of money through purchases made without real or using accounts of other people without their knowledge. The company has not lost only in terms of product reduction but also in terms of capital. This is a draw back to the company since it impossible to retrieve back the goods and is expensive to compensate the customers. The company will also suffer in terms of losing the loyalty of the customers(well-stam,2004). The customers had entrusted the company with their bank information that they failed to protect. It is the expectation of all the customers that their information is kept private and free from being damaged by other people. The customers whose information was wrongly