Access "Layoffs, Mergers Put Focus on Data Protection"
This article is part of the November 2008 issue of Security researchers on biometrics, insider threats, encryption and virtualization
Security managers are sweating the current financial crisis, in particular how the wave of layoffs and mergers in the financial services sector could weaken data security. In particular, institutions need to be vigilant about flicking the switch on user access once a person is let go. User provisioning, password management and configuration management are primary areas of concern, experts say. In recent weeks, not only have world markets plunged, but major institutions have either folded or been acquired. The bankruptcy of Lehman Brothers was followed quickly by JP Morgan's acquisition of Bear Stearns. JP Morgan then acquired Washington Mutual. And Citigroup gobbled up Wachovia's banking operations--more deals are expected. While larger institutions have solid processes in place to address the integration of new business, the question of disgruntled, unemployed former workers is a serious threat. Steven Katz, often regarded as the first CISO and who once held that position at Citigroup, JP Morgan and Merrill Lynch, says larger banks were forced to shore up ... Access >>>
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