Are Financial Services Organizations Protecting Themselves Better?

Interesting article by Linda McGlasson of Bank Information Security tracking the biggest breaches of 2009. The Identity Theft Center is reporting 356 total data breaches in 2009, 46 or which occurred at financial services organizations.

Of the 46 financial services breaches, IDTC categorized them:

Insider theft: 12 breaches;

Skimming: 8;

Missing paper documents: 10 of the breaches

Exposure of data on the Internet: 4;

Accidental breaches: 2;

Stolen or missing hard drives/laptops: 5;

Outside network intrusions: 2;

Unknown cause: 3.

So between IDTC reporting that fraud cost consumers $1.8 billion and the classification of breach method, doesn't it beg the fact that the thieves are scoring this data from somewhere?

Wait, can you hear that? It sounds like a database being cracked open to steal that information that lead to all that theft. And isn't it more important to protect data where it resides as opposed to focusing on the conduits?

Comments

[UK Financial Advisors]

Why pay a fee for a service that otherwise offered for free? The answer, of course, lies in the fact that independent financial advisers also need to make a living. Well, professional and skilled lawyer is not completely "free." If you are provided without cost to the individual customer, the adviser covers the cost of this advice, commission provider of financial products it sells. There is nothing wrong or illegal in that agreement, but many argue that it is important to the customer based consulting not only be aware of the fact, but also have the option of paying an independent financial advisor directly for their services. Thus, the customer can be sure that there is absolutely no possibility that the advice can be influenced by the prospect of an advisory committee on what is purchased.