Magazine article Security Management

Financial Firms Face Infosec Perils

Magazine article Security Management

Financial Firms Face Infosec Perils

Article excerpt

A British financial services firm discovered that a fake Web site bearing its name had been set up, presumably to "phish" for customer passwords and account information. Unfortunately, it took ten days before the firm could find out a way to have the site taken down. (They ultimately went to the U.S. Secret Service for help in getting the American Internet service provider to take down the site.)

This anecdote is just one of many from a report released by the U.K.-based Financial Services Authority, a government body described as having "a statutory objective to reduce financial crime." Researchers questioned IT professionals from 18 financial services organizations, as well as representatives from other financial services associations and high-tech crime groups.

The report discovered that more than three-quarters of responding firms had experienced virus outbreaks, and 20 percent were targeted in denial-of-service attacks. System down time was the biggest contributor to costs per incident, which ranged from 10,000 [pounds sterling] (nearly $19,000) at small companies to 120,000 [pounds sterling] (about $229,000) for bigger firms. …

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