Appendix CCSR MEMOConsumer ProtectionYou work for the Vice President of Marketing and Consumer Affairs at Genesee RetailCorporation (GRC), which generates its revenues from its large website that sells avariety of products, manages an online streaming service, and operates a nationaldistribution network for delivering its goods. Hackers have attacked the companywebsite- the core of the company’s business- stealing personal and financial informationfrom 20 million consumers. The company’s security department just became aware ofthe breach during the evening and the VP has asked you to outline a strategy to respondto this crisis to be on her desk by 12 PM (May 07, 2016). GRC is a publicly tradedcompany and its corporate code of conduct and ethical standards are outdated fromback when it was a brick-and-mortar operation, lacking guidance about how to handlethis breach. The source of the problem is a contractor that GRC hires for marketresearch, as well as to sell protected customer data and analytics to third parties.The memorandum should address the following issues:1. What are the legal requirements and liabilities for GRC? How have otherorganizations addressed similar situations?2. Who are the stakeholders?3. What are the options and how might they impact the stakeholders? Using theethical frameworks for business ethics, what is the best response to this issue?Please be specific into how ethical principles apply to this situation and how therecommendation is using an ethical principle or multiple principles to arrive atits conclusion.4. What are the technological solutions or innovations that may mitigate damageand prevent further cyber security issues for the company going forward?The memo should be approximately 750 words and address the questionsabove. This assignment and should draw heavily from course material, with clear andconcise evidence to support the recommendations to the VP.Grading: Your grade for this assignment will be based on:-Answers the Questions with Evidence and Follows InstructionsIncorporates Course MaterialClarity, Quality, and Presentation