Question

Identify and provide an overview of a major ethics scandal in the business world (pick something other than Enron or Bernie Madoff). Who were the impacted parties in the scandal? How could the scandal have been prevented? Answer of no more than one page in length.

Answer 1

Introduction :-

Business ethics refers to morals or values of an organisation.It is an important factor which need to be followed by management to ensure that it's stakeholders specifically it's customers are happy.

Ethical scandals can hurt an organisation very badly which can impact the goodwill or performance of the company in the eye of its employees or customers.One of example of such scandel is Equifax.

Overview of Equifax ethics scandal :-

Equifax has faced this scandel when it's data were stolen by hackers.As Equifax were using old systems and security softwares and which was outdated to prevent from such security threats.Even after the scandel Equifax fails to report the scandal for two months to its customers who has lost its data.The best ethical choice here will be to admit the fact of data stealing and inform all its customers but however by hiding the fact they had lost honesty and integrity ethics.

The consumers of Equifax gets most impacted by this scandal because of their personal data loss which is being stolen by the hackers.

Scandal have been prevented by keeping the sensitive data upto date on security measures and by performing regular due diligence to ensure data is safe.

Note :- If you find the above answer more than one page in length you can avoid introduction given in the beginning.