Thursday, June 09, 2011

Citi Data Theft Points Up a Nagging Problem

Eric Dash writes in the New York Times:

Citigroup’s revelation that hackers stole personal information from more than 200,000 credit card holders makes it one of the largest direct attacks on a major bank.

Even more striking is that similar data breaches have been occurring for years — and the financial industry has failed to prevent them.

Details remain scarce, but the disclosure of the Citigroup breach on Thursday quickly turned into a debate on whether the banks and major credit card companies had invested enough money to safeguard the personal information of their customers.

“They’re not at all on top of it,” said Avivah Litan, a financial security analyst at Gartner Inc. “It’s almost shocking.”

More here.


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