. . . because that's where the money is.

Information Week is carrying a story entitled, Survey Shows Online Security Breaches Have Doubled In The Financial Sector. It shouldn't be entirely surprising -- or disconcerting. After all it begs the question of whether the incidence are higher or the awareness/acknowledgement is. Either way though, it's not a "happy place" online. First grafs:

Security attacks at major financial institutions more than doubled over a year ago, according to a survey of leading global banks, securities firms, and insurance companies.

The survey, released Thursday, is the second conducted by consulting firm Deloitte & Touche LLP. It showed that an amazing 83% of financial-services firms acknowledged that their IT systems had been compromised by attacks from the outside in the past year. In 2003, only 39% of the companies surveyed admitted to a breach.

In addition, 40% of the companies polled--which included a quarter of the world's top 100 banks, about a third of the top 100 financial-services firms, and 10% of the 100 largest insurance companies--said they had suffered financial losses due to the attacks.

Posted by Grayson at May 31, 2004 06:12 AM