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Main / Privacy/Security Weblog

Wow. Talk about catching something in the nick of time. According to an AP report, a gang of fraudsters in Sweden were just seconds from pulling off a heist worth millions when an alert bank employee literally yanked the plug on the activity.

Societe General is in big trouble—about $7 billion worth of trouble. Today, it was revealed that the French banking giant suffered this staggering fraud loss at the hands of trader Jerome Kerviel. The bank said it will seek emergency funds as a result, according to a Reuters report. The implications of this huge oversight are many.

Well, it looks like it's finally getting through to the world's corporations. Information security IS about more than just staying out of trouble. Ernst & Young issued findings from its tenth Global Information Security Survey and concluded that a growing number of firms recognize the other fringe benefits of keeping data safe.

Should banks and others bother to continue playing catch up with cyber criminals and their constantly evolving techniques? This was the question FBI special agent Timothy O'Brien set out to answer during his session titled Is Online Security a Lost Cause? O'Brien is with the Bureau's computer crimes squad and tracks criminals' activities on the Web.

"Sixteen years ago, if you asked me if I was going to be dealing with the kinds of things I'm dealing with today, I would have said no," said Dick Harp, SVP and director corporate security for Huntington National Bank.

By Nancy Feig

Today, Symantec revealed findings about the rewards phishers are reeling in for personal information phished from consumers.

- By John De Santis
CEO, TriCipher

Throughout 2006, a series of high-profile incidents occurred that very painfully and very publicly highlighted how flimsy usernames and passwords are in protecting a person's online identity. Phishing and various other forms of online fraud sent the e-business community--particularly in financial services, which bore the brunt of these attacks--into a tailspin. In a bold move, one of the world's largest banks aggressively promoted its deployment of multi-factor authentication as a free, required service to all of its online banking customers.