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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
How Secure Is Your Firm's Internet Security Consultants
With cyberattacks on the rise, it seems hackers are looking for ever-bigger trophies to brag about - say, Internet security firms. The very companies entrusted with protecting sensitive corporate and government data are being targeted for cyberattack with increasing frequency. Take for example:
ManTech International, a $2.6bn computer security company that holds a major FBI contract. In early August, internal company documents were stolen by the so-called 'hacktivist' group Anonymous.
RSA, a company who produces electronic security tokens for numerous industries, was breached in March. Some of those tokens were used to crack Lockheed Martin, the largest military contractor in the country. The attackers have yet to be found or even identified. The debacle has so far cost RSA about $90mn.
Silver Lining Behind the Clouds. While these breaches have caused a certain amount of embarrassment, their prevalence within the industry has helped to make the industry more security. Experts see the high number of attacks as both a wake up call and impetus for change within security companies. Additionally, the increased publicity of attacks may prove to be a boon for the security industry as other firms dedicated more funds to their IT budgets. [NYTimes, 8/4/11]
C-I Note: To the extent that these breaches indicate weaknesses in the design of security systems - perhaps some of the same systems that have been installed at financial institutions - it would be prudent for firms to inquire as to whether their own internet security consultants have been attacked and whether such incidents may indicate some risk to clients, themselves. A call certainly can't hurt.

