Risk
6/22/2005
04:49 PM
Patricia Keefe
Patricia Keefe
Commentary
50%
50%

Data Security: IT's Oxymoron

In case you haven't noticed, the last decade in banking has been all about mergers (each one bigger than the last), big-buck CEOs, increasing fees, and decreasing access to human beings. Sure, some consumer accounts got lost or crunched in the slamming together of newlywed bank systems, but who cared? Not the regulators and not the banks.

In case you haven't noticed, the last decade in banking has been all about mergers (each one bigger than the last), big-buck CEOs, increasing fees, and decreasing access to human beings. Sure, some consumer accounts got lost or crunched in the slamming together of newlywed bank systems, but who cared? Not the regulators and not the banks.What the finance industry seems to care about, besides the obvious--ever-more money and expansion--are two things: rules and computerization. If ever there was a stickler for fine print and dates, it's the money men. They cut consumers no slack and have done their best to obliterate community branches and any hint of a free service. When they aren't inundating us with credit-card offers and come-ons for new financial services, they have been relentlessly driving the masses toward electronic banking. ATM cards, debit cards, online banking--all are designed to rid the system of paper checks and human tellers, while simultaneously collecting masses of data more easily than ever before. Data that's sold, loaned, processed, and cross-tabulated again and again to rank our credit worthiness in order to adjust our credit-card rates and fill up our mailboxes with offers we don't want.

In return, consumers have gained convenience and ease of access to their funds, of course, but apparently, so have the ever-sophisticated thieves.

It seems in the rush to build banking monopolies and cut costs, the banks have been so focused on the front end, they've left the back end to their systems wide open. So wide open that the Anti-Phishing Working Group's Activity Trends Report for April shows financial services to be the biggest phishing target (84%) by far.

Little wonder we read today of banks scrambling to contain the damage from the recent spate of hacks and data losses. They spent bazillions on automation and the creation of new services, but not enough on safeguarding their clients. And among those banks that knew enough to batten down their own hatches, many have failed to look beyond the end of their noses at their third-party partners, some of whom are in flagrant violation of their banking partners' security rules. Who knew? Not the banks, but they should have known. They just aren't watching very closely, according to Gartner analyst Avivah Litan.

This quote from Ted Crooks, VP of global fraud solutions at Fair Isaac Corp., which provides customer-data-analytics services, sums it up: "Unfortunately, too many companies factor in the need for absolute evidence and the lowest possible cost for protection. This event [the CardSystems Solutions breach] was scary, but I wasn't bowled over with surprise, and it could have been avoided."

The financial-services sector can't have it both ways: It can't tell the public it's going to share our data with pretty much whomever it pleases (have you ever tried to decipher one of those privacy statements?) and then not protect that data.

And now that the jig is up, who better to feel the weight of rules and regulations, and the punitive sting of financial penalties? Now that's talking a language we know they'll understand.

Data thieves may be mightily attracted to the financial sector, but their reach is by no means limited to that industry. And sometimes it's unthinking IT design mistakes that leave consumers vulnerable. Do you think you have the right strategies, tools, and policies in place to defend your network and data? Check out our Global Information Security Survey. Your completed survey also enters you in our $4,000 prize drawing for a laptop or iPods!

Comment  | 
Print  | 
More Insights
Register for Dark Reading Newsletters
White Papers
Cartoon
Current Issue
Flash Poll
Video
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2013-7421
Published: 2015-03-02
The Crypto API in the Linux kernel before 3.18.5 allows local users to load arbitrary kernel modules via a bind system call for an AF_ALG socket with a module name in the salg_name field, a different vulnerability than CVE-2014-9644.

CVE-2014-8160
Published: 2015-03-02
net/netfilter/nf_conntrack_proto_generic.c in the Linux kernel before 3.18 generates incorrect conntrack entries during handling of certain iptables rule sets for the SCTP, DCCP, GRE, and UDP-Lite protocols, which allows remote attackers to bypass intended access restrictions via packets with disall...

CVE-2014-9644
Published: 2015-03-02
The Crypto API in the Linux kernel before 3.18.5 allows local users to load arbitrary kernel modules via a bind system call for an AF_ALG socket with a parenthesized module template expression in the salg_name field, as demonstrated by the vfat(aes) expression, a different vulnerability than CVE-201...

CVE-2015-0239
Published: 2015-03-02
The em_sysenter function in arch/x86/kvm/emulate.c in the Linux kernel before 3.18.5, when the guest OS lacks SYSENTER MSR initialization, allows guest OS users to gain guest OS privileges or cause a denial of service (guest OS crash) by triggering use of a 16-bit code segment for emulation of a SYS...

CVE-2014-8921
Published: 2015-03-01
The IBM Notes Traveler Companion application 1.0 and 1.1 before 201411010515 for Window Phone, as distributed in IBM Notes Traveler 9.0.1, does not properly restrict the number of executions of the automatic configuration option, which makes it easier for remote attackers to capture credentials by c...

Dark Reading Radio
Archived Dark Reading Radio
How can security professionals better engage with their peers, both in person and online? In this Dark Reading Radio show, we will talk to leaders at some of the security industry’s professional organizations about how security pros can get more involved – with their colleagues in the same industry, with their peers in other industries, and with the IT security community as a whole.