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The UBS case: Again 2 billion US$ lost due to unauthorized transactions of a trader

Today, the next story about banks failing in managing trading risks hit the news. It remains unclear what allowed the trader to execute unauthorized (and thus most likely illegal) transactions which lead to that loss. However, the Risk Management of UBS obviously failed. By the way: UBS had…

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GlobalSign interrupt their Certificate Services and ask Fox-IT to Investigate Alleged Security Breach

Only hours after the individual/group claiming responsibility for the DigiNotar hack had posted on pastebin, that he/they have access to 4 more high profile CAs and had named GlobalSign to be one of those 4, GlobalSign reacted and released a statement that they have ceased to issue any SSL…

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Healing the Breach at RSA

It must have hurt: RSA, one of the world’s biggest names in IT Security, recently was forced to admit that there had been a successful attack against the “seeds” that are a part of their hallmark RSA SecurID Token system. These seeds store secret information that enables the system to…

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Should you learn about fraud from your customers?

Today I stumbled about an interesting survey. The core result: More than three-quarters of financial institutions learn of fraud incidents when notified by their own customers. The quote I like most is: "In other words, despite the availability today of world-class fraud detection…

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RSA SecurID breach: it had to happen...

As you, dear reader, can imagine, the information about the SecurID breach was really shaking the minds of us analysts here - for a long time, we were telling the story that SecurID was the right compromise between security, convenience and manageability - until SMS became so cheap, that…

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Don’t Blame the Cloud for Capital One’s Troubles

After the recent Capital One breach, some commentators have suggested that cloud security is fundamentally flawed. Like many organizations today, Capital One uses Amazon Web Services (AWS) to store data, and it was this that was targeted and successfully stolen. In the case of Capital One it was process, not technology, that failed. The company failed on three points to secure its data properly using the extended tool sets that AWS provides. It relied only on the default encryption settings in [...]

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