Question

Charles Verstappen is the current CEO of Safety Net, a rapidly growing insurance company based in South Africa. The insurance company ran for 20 years under the name Lexis Insurance. However, the previous CEO was imprisoned for fraud, and the company rebranded itself as Safety Net.

Following the rebrand, the company implemented sophisticated digital and AI processes to replace all paper processes in the company. As a result, all private customer data is collated into digital folders. The CEO and CIO are the only individuals with the password to access this information when needed. Charles is incredibly dedicated to his work and insists that the IT department download the software onto his phone so that he can access the information at any time.

Unfortunately, Charles is prone to forgetfulness and, as a safety measure, he writes his password on the back of a business card, which he stores on his phone cover. The card cannot be seen openly, and only he knows it is there. After a long day at work, Charles decides to relax at a bar.

When he goes home, he accidentally leaves his phone on the bar counter. The next morning, he requests an urgent meeting with the Safety Net compliance practitioner.  For this activity submission, imagine that you are the compliance practitioner for Safety Net, and you are required to follow the correct procedure after the CEO reports this risk. Complete the following steps:

• Describe the risk and its cause, and identify plausible impacts that it could have on the organization.
• Using the ISO 19600 framework as a reference, explain how the risks you have identified can be immediately resolved and state the measures that can be taken to ensure that similar incidents do not occur in the future. Ensure that your explanation covers the following phases