From the Financial Crimes Enforcement Network report, Identity Theft Trends, Patterns, and Typologies Reported in Suspicious Activity Reports Filed by Depository Institutions January 1, 2003 – December 31, 2009, the Executive Summary: Identity theft was the sixth most frequently reported characterization of suspicious activity within the period of the study, behind structuring/money laundering, check fraud, mortgage loan fraud,…
Category: Commentaries and Analyses
What’s the actual cost of a FACTA breach?
We’ve seen some impressive figures for the cost of data breaches, but what’s the cost of a FACTA breach? Has anyone seen any analysis of actual costs in resolved or settled cases? Back in May 2009, Olive Garden settled a class action lawsuit stemming from alleged violations of FACTA. Because receipts included more than…
Open slather for hackers on official databases
Brian Robins follows up on the NSW Auditor-General’s report, released yesterday: Computer hackers could gain access to personal information held in government databases as state departments routinely ignore government edicts that tighter security be imposed. The government rarely discloses when its computer security systems have been breached, although in a report yesterday, the NSW Auditor-General,…
NSW govt can’t ensure privacy: Aud-Gen
AAP reports: The NSW Auditor-General has called on the state government to rethink its electronic data security, saying it has failed to adequately protect the people’s private information. Despite a 2007 edict that all government agencies comply with international electronic security standards, Auditor-General Peter Achterstraat has found people’s information is still at risk of being…
Data loss doubles in financial services sector
So as I was saying, breaches aren’t down in 2010. Almost twice as many financial services companies suffered information theft, loss or attack in the past 12 months than in the previous year, according to a new conducted by the Economist Intelligence Unit and security company Kroll. The report found that 42% of financial services…
Why I think Microsoft’s claims that breaches are down are seriously confounded
Ever since yesterday morning when I read that Microsoft reported that breaches involving data loss are down, it’s been a puzzlement because all of the data I’ve seen this year suggest that the number of breach reports are up. I think I’ve figured out how they came to what I see as an erroneous statement….