Table of ContentsDiscussion of the Business ProblemHigh Level SolutionBenefits of Solving the ProblemTechnical ApproachBusiness Process ChangesPractices Used to Augment the SolutionHigh Level Implementation PlanThis document will cover the Benefits that JPMorgan Chase Bank will experience by updating some of their systems and procedures and using Advanced Encryption Standard 256-bit. We'll look at the security issues the company faces as well as the security systems it currently uses. Finally, we are going to recommend a solution to this problem and how the company can solve it by administering 256-bit AES. 256-bit AES is the standard for data encryption with redesigned algorithms that provide unbeatable security according to the NSA. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayJ.P. Morgan & Co. was established in 1871, so it is a well-established company with many years of experience. It was founded by John Pierpont Morgan; who is said to have been an investment genius. They were listed as one of the 100 Best Companies to Work For by Forbes in 2015. Despite their success, they have their drawbacks. In 2014, JP Morgan Chase participated in an online breach. This affected more than 76 million households. JP Morgan Chase is a long-standing company that has taken over Bank One and Washington Mutual Bank. They survived the tough times and that's one of the reasons they were so successful. They maintain a well-structured business that has survived for many years. Because they have been so successful in the past at retaining customers, we are assured that despite the breach, they will continue to be successful. JP Morgan Chase is a well-structured company that has survived for over 100 years in the financial industry. JP Morgan Chase has been ranked among the top 20 companies by Forbes for the last 10 consecutive years. Market value, sales, profits and assets play an important role in choosing the top 20 list. A business is considered successful when it can achieve a lot financially. In 2015 alone, JP Morgan Chase had revenues of 97.8 billion and assets of 2,593 billion. The market value alone is 225 billion. The profit amounts to 21 billion. JP Morgan Chase's success lies in structure. It is a well-structured company that takes a low-risk stance. Chase doesn't take a high risk. Instead, they gather their information and take a chance on low-risk projects. Trading Issue Discussion As of August 2014, it is estimated that more than 76 million households were affected by the JP Morgan Chase breach. That's essentially the equivalent of about 65% of American households. Important information was included, including names, addresses and telephone numbers stolen from JP Morgan Chase, as well as internal customer information. Shares fell 0.4% to 58.61. Luckily for everyone involved; account numbers, passwords, user IDs, social security numbers and dates of birth were not compromised in this cyber attack. Since then, JP Morgan Chase has improved its defenses to counter cyberattacks. They increased their protection and it cost the company $250 million more than usual. It is thanks to these defenses that their titer has increased and it now stands at 70.61. JP Morgan Chase Bank hit by security breach as 83million homes were affected. The names, addresses, telephone numbers and email addresses of millions of customers have been exposed. This cyberattack was due to the negligence of JPMorgan's security team. IT professionals and security experts need training to keep up with the new wave of technology. Many security personnel were lost to other banks. I think this is partly due to the salary. In order to ensure customer information is secure, the best security personnel must be paid well. Another area is data-level cloud encryption which will protect sensitive information such as customer information. To protect against a cloud-based threat, strong encryption like AES 256-bit will prevent third parties from accessing data from the cloud. For 256-bit AES to work properly, it must be installed and maintained by top-level security experts. 256-bit AES will prove itself but must be installed and used correctly or it will fail at the task it is intended to accomplish. Hiring the staff to handle this should be a high priority, as JPMorgan Chase relies on millions of customers to keep their information secure. High-Level Solution Reportedly, AES 256 ciphertext is invulnerable to attacks when properly implemented. Organizations try relatively horribly and add numbers/algorithms in an even more iterative manner, hashing the data in a way only they can recognize. This has the effect of unnecessarily thwarting decryption, as iterative keys and hashing must be correctly processed to return the plaintext. Although it should be unnecessary, some are tempted by the zeal to gild the lily that is AES. The popularity of AES 256 has also given rise to hardware aids that relieve some of the burden imposed by the algorithm. It's easier to use than most programmers think, and extensive implementation support means you'll use it sooner or later. AES 256 is a symmetric encryption algorithm that has become ubiquitous, due to the algorithm's acceptance by the United States and Canada. governments as standards for encryption of data in transit and data at rest. Due to the length of the key, which is 256 bits, and the number of hashes, which is 14, it takes an extremely long time for a hacker to perform a dictionary attack. Inferences from a stream or stored data are unlikely to occur in your lifetime, or in the next hundred lifetimes. The NSA knows for sure whether AES 256 can be cracked. This type of security system would most certainly increase the security of Chase Bank's information system. Benefits of Resolving the Issue Since August 2015, JP Morgan Chase Bank has strengthened its security to ensure that a breach will not occur again. They spent over $500 million to better secure their systems. The normal rate spent on security was $250 million, so they doubled down on security to ensure this type of breach or worse didn't happen again. This type of security breach can prove extremely detrimental to their business, as many customers have lost confidence in the bank to keep their information secure. For JP Morgan Chase to regain customer trust again, it had to re-evaluate its security procedures and pay more for better online security. JPMorgan Chase Bank will gain more customer trust with their accounts and users will be more likely to take advantage of it. advantages of usingonline banking and making online transactions. It’s about customer comfort and confidence. If the customer feels that their information is not secure, they will not trust the company. Trust is very important in the banking sector. Customers leave their money in the hands of banks. Making sure the customer feels secure when leaving their funds with JPMorgan Chase is at the top of the smart business list. Former users will suggest the security of JPMorgan Chase to potential customers and thus provide the bank with the best type of advertising; word of mouth. With AES 256-bit encryption, customers will understand and appreciate that their money and information is safe with JPMorgan Chase.Technical ApproachWhen we talk about financial institutions, it is essential that the Chief Security Officer (CSO) and Board of Trustees security is on the same wavelength with the implementation of a new security system such as AES 256. The exchange of data between the user and Chase Bank takes place under the protection of a security technique. encryption. It is important to protect the user and the bank from any malware that can affect both the user and the banking site. With 256-bit AES, both the user and the website would be highly protected. 256-bit AES doesn't crack because the keys are massive. 256-bit AES would greatly improve the software used. This will help prevent hackers from accessing customer information. Additionally, ensuring the security team is up to date on necessary software will ensure they are aware of the security needed to protect customer information. JP Morgan Chase must be willing to pay what it must to keep its customers' information secure. Business Process Changes In the business process changes that will take place, it is essential to implement the design decisions with the IT security team and the system security manager. All changes to the system should be aimed at increasing security using 256-bit AES. Data encryption is required to support hardware modules. Energy efficiency is important. Improvements should also include the energy efficiency of the system. The most important thing is the simplicity of the structure. “Simplicity is achieved by two means: the adoption of symmetry at different levels and the choice of basic operations.” Different design structures need to be looked at, but it's a matter of finding the simplest and most effective one. AES 256 symmetry can be implemented using hardware comparison in integer arithmetic. Practices used to improve the solution A weakness in 256-bit AES can be detrimental. Once implemented, it must be installed and maintained correctly and efficiently. Otherwise, AES 256 will be useless against hackers. We all know that stealing is bad, but thanks to the anonymity of the Internet, people tend to do more harm than if they were famous. Internet attacks are easy for some when the risk of being caught is low. As a result, some people will abandon their ethical behavior. Pretending to be someone else will be easier than if it were face to face. The Internet makes these people more willing to take over or use someone's identity. For this reason, network security is very important. The very last thing JPMorgan Chase Bank would want is for someone to take their customers' information and steal their identities. To prevent this from happening, besides getting 256-bit AES, it is essential to hire the right team.