IndexDiscussion of the Business ProblemHigh Level SolutionBenefits of Solving the ProblemTechnical ApproachBusiness Process ChangesPractices Used to Augment the SolutionHigh Level Facility PlanThis document will cover the benefits that JPMorgan Chase Bank will gain updating some of their systems and procedures and using 256-bit Advanced Encryption Standard. We will look at the security issues the company faces along with the security systems currently used. Finally, we will recommend a solution to this problem and how the company can solve it by administering 256-bit AES. AES 256-bit is the data encryption standard with redesigned algorithms that offer unbeatable security according to the NSA. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayJ.P. Morgan & Co. was founded in 1871, so it is an established company with many years under its belt. It was founded by John Pierpont Morgan; who is said to have been an investment genius. They were ranked as one of the 100 best companies to work for by Forbes in 2015. Despite being so successful, they have their flaws. In 2014, JP Morgan Chase took part in an online breach. This affected over 76 million households. JP Morgan Chase is a long-established company that took control of Bank One and Washington Mutual Bank. They have survived the tough times and that is one of the reasons they have proven to be so successful. They maintain a well-structured company that has survived many years. Because they have been so successful in retaining their customers in the past, it is guaranteed 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 according to Forbes, for the last 10 consecutive years. Market value, sales, profits and assets play an important role in choosing the top 20 list. The company is considered successful when it can achieve a lot financially. In 2015 alone, JP Morgan Chase ranked at 97.8 billion in sales with 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 its structure. It is a well-structured company that takes a low-risk attitude. Chase does not undertake a high-risk venture. Instead they pool their information and take the risk of low-risk ventures. Business Issues Discussion In August 2014, it was estimated that over 76 million households were affected by the JP Morgan Chase breach. That's essentially the equivalent of about 65% of American households. This included important information, including names, addresses and phone 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 cyberattack. JP Morgan Chase has since strengthened its defenses to thwart cyber attacks. They increased their protection and this cost the company $250 million more than usual. It is because of these defenses that their shares have risen and are now at 70.61. JP Morgan Chase Bank was hit by a security breach when 83 million households were affected. Names, addresses, phone numbers and email addresses of millions of customers were exposed. The cyber attack was due to thenegligence of JPMorgan's security team. IT professionals and security experts need training to continue to keep pace with the new wave of technology. Many of the security personnel were lost to other banks. I believe this is partly due to payment. To keep customer information safe, you need to pay the best security staff WELL. Another area is cloud data-level encryption that will protect sensitive information such as customer information. To protect against a cloud-based threat, strong encryption such as AES 256-bit will prevent third parties from accessing your data from the cloud. For 256-bit AES to work properly, it must be installed and maintained by top-tier security experts. 256-bit AES will prove its worth but it must be installed and used correctly otherwise it will fail to do the job it is supposed to do. Hiring staff to handle this situation should be a top priority as millions of JPMorgan Chase customers rely on them to keep their information secure. High-level solution From the information gathered, AES 256 ciphertext is invulnerable to attacks if implemented correctly. Organizations go to relatively gruesome levels and add ciphers/algorithms even more iteratively, hashing data in ways only they can recognize. This has the effect of unnecessarily hindering decryption, as iterative keys and hashing must be processed correctly to display the plaintext. Although it should be superfluous, some are tempted by the zeal to gild the lily of AES. The popularity of AES 256 has also given rise to hardware aids that offload some of the load imposed by the algorithm. It's easier to use than most programmers realize, and the broad support for implementations means you'll encounter it sooner or later. AES 256 is a symmetric encryption algorithm that has become ubiquitous, thanks to the acceptance of the algorithm by the United States and Canadian governments as the standard for encrypting data in transit and data at rest. Due to the key length of 256 bits and the number of hashes of 14, it takes a malware attacker a long time to perform a dictionary attack. Inferences from a stream or stored data probably won't happen in your lifetime, or the next few hundred lifetimes. The NSA knows for sure whether AES 256 can be hacked. This kind of security system would definitely increase the security information system of Chase Bank. Benefits of Fixing the Issue Starting in August 2015, JP Morgan Chase Bank has increased its security to ensure a breach does not happen again. They spent well over $500 million to better secure their systems. The amount normally spent on security was $250 million, so they doubled their security to ensure this type of breach or worse doesn't happen again. This type of security breach can prove extremely harmful to their business as many customers have lost trust in the bank to keep their information safe. To regain customer trust, JP Morgan Chase had to reevaluate its security procedures and pay more for better online security. JPMorgan Chase Bank will further earn customer trust with their accounts, and users will be more likely to take advantage of the benefits of using online banking and making online transactions. The comfort and trust of the customer is at stake. If the customer doesn't feel their information is safe, they won't trust the company.Trust is very important in banking. Customers leave their money in the hands of banks. Ensuring that the customer feels safe and secure in leaving their funds with JPMorgan Chase is high on the list of smart tasks. Old users will suggest the security of JPMorgan Chase to potential customers and thus provide the bank with the best advertising; word of mouth. With 256-bit AES encryption, customers will understand and appreciate that their money and information is safe with JPMorgan Chase. Technical ApproachWhen talking about financial institutions, it is essential that the bank's chief security officer (CSO) and the security committee are on the same page with the implementation of a new security system such as AES 256. The exchange of data between you and Chase Bank is carried out under the protection of an encryption technique. It is important to protect the user and the bank from any malware that could affect both the user and the bank's website. With AES 256 bit, both the user and the website would be highly protected. 256-bit AES is not crackable because the keys are huge. 256-bit AES would greatly improve the software used. It will help keep hackers away from customer information. Additionally, ensuring your security team is up to date on the necessary software will ensure they are aware of the security needed to keep customer information safe. JP Morgan Chase must be willing to pay what it takes to keep customer information safe. Changes in business processes In the business process of changes that will take place, it is essential to implement design decisions to 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. The improvements to be made should also include the energy efficiency of the system. The most important thing is the simplicity of the structure. “Simplicity is achieved through two means: the adoption of symmetry at different levels and the choice of basic operations.” Different design structures should be explored, but you need to find the simplest and most efficient one. AES 256 symmetry can be implemented using hardware comparison in integer arithmetic. Practices Used to Augment the Solution A weakness in 256-bit AES can prove 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 wrong, but with the use of the anonymity of the Internet people tend to do more damage than if they were known. Internet attacks are easy for some when the risk of getting caught is low. Therefore, some people will eliminate their ethical behavior. Impersonating someone else will be easier than doing it face to face. The Internet allows these people to be more willing to take over or use someone's identity. For this reason, network security is very important. The last thing JPMorgan Chase Bank would want is for someone to take their customers' information and steal their identities. To ensure this doesn't happen, in addition to getting 256-bit AES, it's essential to hire the right IT security team. Security personnel who are good at what they do often look for work elsewhere if they are not adequately paid for what they do. JPMorgan Chase must ensure that the necessary staff is retained. I am convinced that JPMorgan Chase is among the Forbes top 100 companies because it knows its business. Their organization is.