A transaction processing system that has worked successfully for ABC Savings & Loans Company for the past

Fantastic news! We've Found the answer you've been seeking!

Question:

A transaction processing system that has worked successfully for ABC Savings & Loans Company for the past five years without any updates suddenly attracted the attention of many news outlets. More than half of the company’s 5 million customer accounts have been hacked, causing the loss of billions of Ghana cedis. The whole incident lasted for a period of five months and it took customer agitations before the company realized what was going on. Investigation reports from the cybercrimes unit of the Ghana police service revealed that a hacker broke into the system using a bug in the source code. The bug was among a number of issues raised by the regulator during the software validation. Several attempts were made by the software company to fix the bug but it was never completely fixed because the programmer who developed that section of the source code was on a sick leave. The regulator nonetheless approved the deployment of the software for the following reasons: · The bug was a minor issue and would not affect the effective operation of the software. · No software is ever completely free of bugs at roll-out. It takes follow-up efforts to perfect a software. · The software company was a local company with 50% government shares and it could go bankrupt if the deployment of the software is delayed. · The company provides employment for over 5000 young men across a nation that is facing it worse unemployment crises in decades. The regulator however asked the software company to follow up and fix the bug as soon as the programmer returns from the sick leave. (a) Establish the facts of the scenario, give at least five? (b) As an observer, give five ethical questions in the scenario? (c) Given the facts of the scenario, who should bare the liability, the savings and loans company, the software company or the regulator, discuss