Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Vulnerabilities / Threats

8/18/2011
09:36 AM
50%
50%

Citigroup Case Spotlights Insider Threat Dangers

Case of Citigroup, fined for missing suspicious behavior of employee who bilked customers of $750,000, shows IT must be backed by supervisory control.

Even as financial institutions hone their security technology portfolios with advanced database activity monitoring (DAM) implementations, improved fraud detection software, and other tools to sniff out bad behavior from within, malicious insiders will still manage to swindle their employers when all of that technology isn't supported with the right business processes. And when that happens, no amount of check-box compliance implementations will keep regulators from putting the hammer down hard in the form of fines and public embarrassment.

Case in point is the recent name-and-shame campaign by the Financial Industry Regulatory Authority (FINRA) against Citigroup. FINRA recently announced that it was fining Citigroup $500,000 for failing to keep track of an employee who managed to steal almost $750,000 from 22 customers during the course of eight years.

A sales assistant at a branch office, Tamara Moon, stole money from the elderly, people with Parkinson's disease, and even her own dad. And she managed to keep up her thieving ways despite exception reports that popped up for her superiors detailing conflicts in new account application information. Similarly, her supervisors did not spot red flags from suspicious transfers between unrelated accounts.

"Citigroup had reason to know what she was doing and could have stopped her," says Brad Bennett, executive VP and chief of enforcement for FINRA.

The case at Citigroup is indicative of the need for more thorough continuous monitoring practices within the industry, says John Rostern, managing director of the New York office of security and compliance consultancy Coalfire Systems.

"The type of monitoring that's typically employed these days is inconsistent at best and, in many cases, manually driven," Rostern says. "The introduction of continuous controls monitoring where you're not doing statistical sampling, but you really are looking at the wider population and gaining visibility into exceptions as they occur, is important given the amount of data that's flowing through systems and the number of people who are in those outlier areas, like branch offices."

Read the rest of this article on Dark Reading.

The vendors, contractors, and other outside parties with which you do business can create a serious security risk. Here's how to keep this threat in check. Also in the new, all-digital issue of Dark Reading: Why focusing solely on your own company's security ignores the bigger picture. Download it now. (Free registration required.)

 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
COVID-19: Latest Security News & Commentary
Dark Reading Staff 8/3/2020
Pen Testers Who Got Arrested Doing Their Jobs Tell All
Kelly Jackson Higgins, Executive Editor at Dark Reading,  8/5/2020
Browsers to Enforce Shorter Certificate Life Spans: What Businesses Should Know
Kelly Sheridan, Staff Editor, Dark Reading,  7/30/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
Special Report: Computing's New Normal, a Dark Reading Perspective
This special report examines how IT security organizations have adapted to the "new normal" of computing and what the long-term effects will be. Read it and get a unique set of perspectives on issues ranging from new threats & vulnerabilities as a result of remote working to how enterprise security strategy will be affected long term.
Flash Poll
The Changing Face of Threat Intelligence
The Changing Face of Threat Intelligence
This special report takes a look at how enterprises are using threat intelligence, as well as emerging best practices for integrating threat intel into security operations and incident response. Download it today!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-17366
PUBLISHED: 2020-08-05
An issue was discovered in NLnet Labs Routinator 0.1.0 through 0.7.1. It allows remote attackers to bypass intended access restrictions or to cause a denial of service on dependent routing systems by strategically withholding RPKI Route Origin Authorisation ".roa" files or X509 Certificate...
CVE-2020-9036
PUBLISHED: 2020-08-05
Jeedom through 4.0.38 allows XSS.
CVE-2020-15127
PUBLISHED: 2020-08-05
In Contour ( Ingress controller for Kubernetes) before version 1.7.0, a bad actor can shut down all instances of Envoy, essentially killing the entire ingress data plane. GET requests to /shutdown on port 8090 of the Envoy pod initiate Envoy's shutdown procedure. The shutdown procedure includes flip...
CVE-2020-15132
PUBLISHED: 2020-08-05
In Sulu before versions 1.6.35, 2.0.10, and 2.1.1, when the "Forget password" feature on the login screen is used, Sulu asks the user for a username or email address. If the given string is not found, a response with a `400` error code is returned, along with a error message saying that th...
CVE-2020-7298
PUBLISHED: 2020-08-05
Unexpected behavior violation in McAfee Total Protection (MTP) prior to 16.0.R26 allows local users to turn off real time scanning via a specially crafted object making a specific function call.