Reuters blog archive
from Financial Regulatory Forum:
By Abel Picardi, Compliance Complete
NEW YORK, May 6, 2014 (Thomson Reuters Accelus) - As the U.S. Securities and Exchange Commission tightens its supervision of technology security on Wall Street, with plans to examine cybersecurity preparedness at more than 50 broker-dealers and investment advisers, the agency has released a checklist intended to help firms review their controls whether or not they come into the crosshairs of examiners.
The move is in keeping with a cybersecurity push by SEC Chair Mary Jo White, as well as principles outlined in February by the National Institute of Standards and Technology.
Release of the cybersecurity exam checklist by the SEC’s Office of Compliance Inspections and Examinations (OCIE) follows an SEC roundtable on cybersecurity held last month. At that meeting, White emphasized the importance of protecting market integrity and customer data from cyber threats, and called for stronger partnerships between the government and private sector.
Nevertheless, the SEC has also come under criticism from a government monitor for lapses in its own internal cyber controls.
from Financial Regulatory Forum:
By Emmanuel Olaoye, Compliance Complete
WASHINGTON, Aug. 27 (Thomson Reuters Accelus) - In March this year, a group of Islamic hackers announced that they were launching the latest phase of their denial of service attacks against the largest U.S. banks. The group, which called itself the Izz ad-Din al-Qassam Cyber Fighters, targeted the websites of banks including Bank of America, Wells Fargo, and PNC Bank.
Within days, customers of those banks were complaining of difficulties in accessing the institution's websites.
from Jack Shafer:
Using EFTPOS (electronic funds transfer system at point of sale) in a store in Sidney, Dec. 11, 2012. REUTERS/Tim Wimborne
Leaks to the press, like hillside rain tugged seaward by gravity, gather momentum only if the flow is steadily replenished.
from Thinking Global:
Amid the buzz in Washington about new North Korean nuclear threats, President Barack Obama late last week summoned 15 of America’s top financial leaders to the White House to discuss what his administration considers to be threats that are more pervasive, more persistent and less manageable ‑ cyber risks.
“The president scared the hell out of all of us, and we’re not easy to frighten,” said one member of the group, which included Goldman Sachs’s Lloyd C. Blankfein, JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian T. Moynihan. “This isn’t like the nuclear threat, where it was really governments facing down governments. The American financial sector is a new battleground, and we’re going to have to invest millions of shareholders’ dollars to protect ourselves from what are essentially national actors.”
from The Great Debate:
Last year, Congress failed to forge a workable framework for cybersecurity to protect the United States against a fast-growing national security and economic threat. Our cyber-networks remain dangerously vulnerable to outside attack and are the repeated targets of foreign governments intent on stealing the fruits of our intellectual and business efforts. Congress must address this crucial issue.
The threat to our critical infrastructure, national security and economic prosperity was laid out in a February report by Mandiant, a respected U.S. computer security firm. An elite unit of Chinese hackers affiliated with China’s People Liberation Army, the report concluded, is likely behind a wave of attacks on U.S. government and business computer systems.
from Ian Bremmer:
If you watched the third presidential debate this week, you got the sense that in the U.S.-China relationship, there are only good guys and bad guys, and all the bad guys are in China. The Americans are the valiant defenders of well-paying jobs; the Chinese are the ones who make tires so cheap it hurts the Americans. The Americans have a currency so free it’s the envy of the world; China’s is so manipulated it stunts competition the world over. But the squabbling isn’t limited to what you heard at the debate or just the two governments. It’s also happening between governments and private companies.
For years, Huawei, a Chinese telecom giant, has been trying to break into the U.S. market. Huawei wants to provide communication infrastructure to the U.S., but the U.S. wants to make sure Huawei, founded by former members of the People’s Liberation Army, isn’t actually a spy organization. Huawei claims to be just like any other Silicon Valley tech giant. U.S. intelligence agencies, despite finding no evidence of spying, view Huawei’s technology as too vulnerable to hackers. The House Intelligence Committee classified Huawei as a national security threat. State capitalism and the challenge it poses have expanded enough that the government is officially worried about them.
Palo Alto Networks, the network security company, that modernized the firewall with its web application inspection took a look at what people do at work by analyzing Internet traffic in over 2,000 organizations.
Seems a lot of people watch videos.
In fact, Palo Alto's semi-annual application usage and risk report says the bandwidth used by streaming video more than tripled to 13 percent from 4 percent in December 2011.
The epic global shifts of 2011 transformed the political, economic, and social landscape from Shanghai to Sao Paolo, Washington to Cairo. No leader (not even Vladimir Putin) is safe from the vagaries of social unrest; no economy (not even China’s) is unaffected by contagion from an over-leveraged, under-managed euro zone. No country (not even the United States) is immune from the threat of asymmetric attacks—anything from a terrorist bomb to cyber-warfare.
Volatility will be the rule, not the exception in 2012. What I call the emerging Archipelago World of fragmenting power, capital, and ideas is inherently unstable— as vulnerable to old conflicts and new threats as it is open to the dynamic entrepreneurship of rising powers and corporations remaking the map of the world.
Yahoo will pay $270 million for interclick as it tries to revive its ailing online advertising business, even as the search and advertising giant continues to scout for potential bidders. Yahoo is paying $9 per share, or about a 22 percent premium, for the online advertising technology firm. "It's not a transformational acquisition, but it helps Yahoo in a market they are not strong in ... they have to take some steps to keep pushing forward," BGC Partners analyst Colin Gillis said. Among the parties interested in Yahoo are private equity firms Silver Lake, TPG Capital, Bain Capital, Blackstone, Kohlberg Kravis Roberts, Providence Equity Partners, Hellman & Friedman, Carlyle Group, and Russian technology investment firm DST Global, apart from rivals Microsoft and Google.
from Reuters Investigates:
It seems every day brings news of another data breach, from defense firms to banks and even the U.S. Senate.