Michael Herman reports: The Financial Services Authority (FSA) has fined UBS £8 million for weak controls that allowed staff in its private bank to make thousands of unauthorised trades with clients’ money and then hide the losses. It is the third-largest fine awarded by the FSA. Four private bankers in UBS’s London office were able…
Category: Of Note
Government accused of ‘cover up’ over lost farmer tapes
The Department of Environment Food and Rural Affairs (Defra) has been accused of a “cover up” after two back-up tapes went missing containing the banking details of around 100,000 farmers. The tapes are said to have gone missing this spring, with Defra officials having been informed in July. The tapes were lost by contractor IBM,…
Senate Panel Clears Data Breach Bills
Eric Chabrow reports: The Senate Judiciary Committee Thursday approved two companion bills that would require businesses and government agencies to notify individuals of security breaches involving sensitive personally identifiable information. Both bills go to the Senate for consideration. The Personal Data Privacy and Security Act, or S. 1490, designates as fraud unauthorized access of sensitive…
Facebook and MySpace Flash Vulnerability Exposes User Data
Jason Kincaid writes: A Facebook developer named Yvo Schaap has uncovered a massive security flaw present on both Facebook and MySpace that would give hackers the ability to steal all of your account data, including your photos, personal messages, and basically everything else you’ve ever put on the social networks, without you ever realizing it….
Judge spanks lawyer for leaking personal details in brief
Dan Goodin reports: A judge has chastised a lawyer for including the social security numbers and birthdays of 179 individuals in an electronic court brief, ordering him to pay a $5,000 sanction and provide credit monitoring. US District Judge Michael J. Davis said he was meting out the penalty under his “inherent power,” meaning no…
EU: Telcos’ data breach notification amendment is passed
From Out-Law.com: The European Council has approved a data breach notification rule for Europe’s telecoms firms. The amendment to an EU Directive will force telcos to tell customers if they lose their data. The European Parliament and Commission have already approved the amendments, which will become law after it has been published in the EU’s…