The collapse of TechSolutions

In the following, we are addressing the collapse of TechSolutions. TechSolutions is a medium-sized software company specializing in cloud-based data management solutions. The company is known for having a strong customer base and also a good reputation for innovation. At the same time, TechSolutions lacks a systematic and structured approach to managing the company's risk associated with knowledge.

What happened? One day, the company, TechSolutions, suffered a major data breach. Hackers exploited a vulnerability in their software. They actually exploited a bug in the company's software. This vulnerability had been flagged during an internal risk assessment that was conducted a couple of months earlier, but the outcomes of the internal risk assessment were buried in an outdated document on a shared drive, and the relevant people who were involved at that time in the internal risk assessment have since left the company, and their knowledge, their information was not transferred to their successors.