InfoAnda - IT revolution an achilles heel for Swiss bank secrecy

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Internet addicts stage uprising at China boot camp | 8 June 2010
'Prince of Jihad' jailed for five years in Indonesia | 30 June 2010
Sri Lanka military says 39 rebels killed battles | 30 March 2009

Oak Ridge Boys get Back to basics | Entertainment | | 23 May 2009

Forum Views () Forum Replies ()

Read more with google mobile : IT revolution an achilles heel for Swiss bank secrecy

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology IT revolution an achilles heel for Swiss bank secrecy AFP - Sunday, February 14 Send IM Story Print The digital revolution is turning into the achilles heel of Swiss banks, according to security and banking experts quizzed about recent stolen data turning up in the hands of neighbouring countries. GENEVA (AFP) - – The digital revolution is turning into the achilles heel of Swiss banks, according to security and banking experts quizzed about recent stolen data turning up in the hands of neighbouring countries. CD-ROMs, USB sticks and even mobile phone cameras have become handy options for disgruntled or ambitious staff to copy computer data on thousands of clients when a few years ago a cumbersome paper trail was needed. Swiss banks built much of their recent reputation around a legal obligation to maintain secrecy on their customers' banking affairs -- criminal cases aside -- including from the taxman, whether in Switzerland or abroad. But preventing one-off leaks, which can have much a bigger scope than before, is becoming a conundrum. Banks are "big consumers of Information Technology" and have to "square the circle" to counter the threat, Gregoire Ribordy, director of network security firm IDQuantique told AFP. Measures are available, such as minimising the extent of information open to client advisers, automatic access restrictions, multiplying the number of people needed to unlock encrypted data, or prohibiting USB keys and CD-ROMs at the workplace. Nonetheless, "information has to circulate so that people can do their jobs," said Ribordy. Yet, even a miniature camera on a cellphone is enough to take a snapshot of data displayed on a computer screen, he pointed out. The 1934 law on bank secrecy was specifically designed to discourage staff from leaking client data to foreign powers by making it a criminal offence, but that was in the era of hand or type-written ledgers and punch cards. In 1996, a private security guard became a whistleblower by recovering documents from the shredding room of UBS bank in Zurich to reveal details on hidden Holocaust-era accounts. But little has filtered on the exact origins of a CD-ROM with stolen Swiss bank data German authorities recently said they were ready to buy for 2.5 million euros in a crackdown on tax-dodging German taxpayers. A spokesman for the Swiss Bankers Association, Thomas Sutter, acknowledged that the case "is not a good thing for the financial centre." The German case emerged just months after French authorities picked up a CR-ROM with raw data taken by a former employee of HSBC Private Bank in Geneva, Herve Falciani, allegedly with details on some 3,000 clients. And in 2008, an anonymous whistleblower sold data on thousands of clients at Liechtenstein banks, helping Germany investigate suspected tax evasion by business executives, sports stars and entertainers. In the French case, Falciani was a computer expert at the bank. While in recent years public attention has focused on external attacks by hackers or thefts exploiting Internet Banking, IT security specialist Jerry Krattiger told Le Temps newspaper that about 70 percent of leaks were by insiders. Hans Geiger, of the Swiss Banking Institute at Zurich University, said there was generally a "high probability" that such leaks would emerge from the IT or computer department. "I think they are always within the bank or from a service provider to the bank," he told AFP. "They don't walk away with data or info about two or three clients, they walk away with CDs with hundreds of thousands of clients." "There is no absolutely safe way," he added. Another way for banks to tackle the whistleblowing threat is to foster trust and loyalty among their staff, according to Arturo Bris, professor of finance at IMD business school in Lausanne. Human resources also have a crucial role to play in detecting "suspect behaviour, an employee who is frustrated or faces personal problems" and therefore more likely to be tempted by data theft. "The bigger the group, the more difficult it is to find the rotten apple," Bris added. Switzerland's two biggest banks, UBS and Credit Suisse, declined to discuss their security arrangements but insisted that security for private clients was a major priority. Geiger said banks relied on "a real internal police force," including IT specialists. While information technology is of "strategic" importance, Krattiger regretted that it was a largely "hermetic world" for senior executives and directors. Meanwhile, the very same managers hold the purse strings, but security is not a revenue generator, Ribordy noted. Recommend Send IM Story Print Related Articles IT revolution an achilles heel for Swiss bank secrecy AFP - Sunday, February 14 Former US officials in cyberattack simulation AFP - Sunday, February 14 Suspended animation coming to life: researcher AFP - Sunday, February 14 Indians get particular about online marriage AFP - Sunday, February 14 America's Cup showcases latest sailing technology AFP - Sunday, February 14 News Search Top Stories Troubled Winter Olympics gets into medal mode Dutch tourist shot in Carnival mugging in Rio: police US approves American Airlines, 'oneworld' alliance expansion Greek crisis could force change in EU economy pact Campaigning kicks off in Sudan presidential poll More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Spain fails to shake off recession Mountain lynx makes another appearance Toyota faces new woes with Tacoma truck recall British fashion designer Alexander McQueen found dead Penguin future looks perkier with marine zone: study More Most Viewed » Pitt, Jolie sue British paper over split claims Fury heats up after new AIG bonuses Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Sunday, 14 February 2010
Israel general doubts power to hit Iran atom sites |
Spanish police arrest ETA car-bombing suspect |
Yemeni Shi'ite rebels deny assassination attempt |
Ukraine's Tymoshenko vows to fight rival's election |
At Rio Carnival, a pressing problem |
Scorsese eyes new film project with Robert De Niro |
Clinton seeks more Arab pressure on Iran
Greek crisis could force change in EU economy pact
India says few clues to bomb, denies intelligence failure |
IT revolution an achilles heel for Swiss bank secrecy
Dutch tourist shot in Carnival mugging in Rio: police
Heavy rainfalls hit Mecca amid holiday
Former US officials in cyberattack simulation
Afghan flag-raising in NATO offensive draws gunfire |
Ban forces rivals of Iraqi PM to halt campaign
Rome police uncover 500,000 tonnes of fake goods
String of Iraq bomb attacks target poll candidates |
US approves American Airlines, 'oneworld' alliance expansion
Suspended animation coming to life: researcher
Israel general doubts power to hit Iran atom sites
Indians get particular about online marriage
Recovery 'fragile' for eurozone: Bank of Italy chief
Bashir starts Sudan election campaign with a jig |
Volkswagen recalls 20,000 cars in Mexico
Campaigning kicks off in Sudan presidential poll
Critics of Jordan's U.S. ties charged with sedition
America's Cup showcases latest sailing technology
Polish PM condemns Belarus crackdown on Polish minority
Iraq election officials confirm Sunni candidate ban
Microsoft co-founder Gates tackling climate change
Heavy rainfalls hit Mecca amid holiday |
Eurozone recovery stalls amid Greek rescue doubts
Major Afghan assault claims first Taliban casualties
Games open in Canada's wintry indoor paradise
Obama calls for new spending cuts
Probe slams Eurostar over badly prepared trains
Afghan, US troops meet Marjah resistance: official
Europe's economic recovery stalls: data
Google mulls stand-alone version of Buzz
Google Buzz tweaked amid privacy complaints
Assault on Taliban in southern Afghanistan begins: NATO
Fashion icon McQueen found dead in apparent suicide
Google founder Brin wants way to work with China
Qaeda threatens to stop Iraq vote, as campaign opens
America's Cup showcases latest sailing technology
McQueen: beloved bad boy of British fashion
Euro slumps to lowest point vs dollar since May
Motorola to split into two publicly traded companies in 2011
Clinton wants Saudis to prod China on Iran sanctions
Ford says will file his 1st NY resident tax return
Feds deny BART $70M for Oakland airport connector
Police: Sheriff's sergeant kills 2 women and self
Judge finds grounds to sanction Arizona sheriff
Obama getting briefed on Afghanistan operation
India says few clues to bomb, denies intelligence failure
Summary Box: Anthem to delay insurance rate hike
Freed Suu Kyi deputy calls for Myanmar dialogue
Plans advance for Golden Gate Bridge suicide nets
Pakistan flung into fresh turmoil
Anthem to delay insurance rate hike amid criticism
Bombs, booby-traps slow US advance in Afghan town
Obama nuke plant loan reflects new energy strategy
Apparent bomb kills 8 in Indian bakery, 42 injured
Bombs slow US advance in Afghan town
Crash could force Japan's Fujimori out
Zvonareva, Tamarine power to Pattaya final
UN envoy to probe human rights in Myanmar
Eight killed in India terror attack
China's economic rise has silver lining for Japan
10,000 Chinese visit Taiwan on Lunar New Year's Day
Toyota finds no problem with electronics: reports
Preservation campaigners cover Hollywood sign
Pork-flavored doughnuts? A Chinese market beckons
Live or Memorex? `Avatar' raises Oscar question
Report: Toyota chief visits dealership, apologizes
India's Bharti makes bid for Kuwait's Zain assets
Pakistani c.bank buys 107.95 bln rupees of govt paper
Japan's Shinsei, Aozora banks halt merger: reports
Toyota suspends production of Lexus, Sai hybrids
Intel teams up with China's investment fund
Lucille Clifton, award-winning poet, dies at 73
Stuntman and actor Bobby Hoy dies at 82
After somber start, color punctuates New York runways
Poet urges fellow Haitians to ride out their misery
Guggenheim artists fill 'void' with ideas
Sri Lanka's legendary doorman turns 90
Networks' use of luge video disturbs some
Madonna to appear on 'The Marriage Ref'
Pickup hits bus carrying country singer's band
US-ENTERTAINMENT Summary
Make life a game and save the world
Netanyahu to lobby in Russia for Iran sanctions
EU takes Greek economy under its wing
Yemen rebels to hand over Saudi soldiers
India says investigating blast, Pakistan talks on |
Troubled Winter Olympics gets into medal mode
Pope to meet Irish bishops on child abuse scandal |
Yemeni rebels to hand over Saudi soldiers: report |
Lebanon 'March 14' supporters rally for slain Hariri
Yanukovich wins Ukraine presidency: election body |
Dalai Lama urges Tibetans not to celebrate New Year |
Immigrants riot in Milan after Egyptian killed |
Bashir starts Sudan election campaign with a jig
Pakistani PM plays down crisis over judges |
String of Iraq bomb attacks target poll candidates
Netanyahu to lobby in Russia for Iran sanctions |
West African cocaine use rises along smuggling routes |
Start obesity prevention in the cradle, study urges
Accused Alabama Campus Shooter Killed Brother 24 Years Ago
Florida Shooting Rampage Suspect Arrested
Amber Alert Called Off For Abducted California Kids
For roving US Army unit, Strykers are their homes
US missile raid 'kills seven' militants in Pakistan
Toyota Announces Inspection Recall Of 8,000 Tacoma Trucks
Tibetans shun New Year celebrations for 2nd year
Accused Alabama prof shot, killed brother in 1986
U.S. drone kills five in northwest Pakistan
Russia wants Bulgaria explanation on US missile shield
Tongans pray as cyclone threatens direct hit
Walls of water overwhelm N. Calif. surfing contest
Pakistani PM plays down crisis, opposition pounces
Bomb explodes near Thai govt, 2nd found near court
Officials: US missiles kill 5 in NW Pakistan
Fireworks, prayers greet Year of the Tiger
Sri Lankan Buddhists: Release opposition leader
Struggling 'Czech Hollywood' pins hope on state aid
Chinese Coen brothers remake thrills Berlin festival |
South African wins Mr Gay World pageant
Chinese remake of Coen brothers film screens in Berlin
China's young graduates live 'ant's' life
Baghdad battles to preserve its battered heritage
Africa's league of fashionable gentlemen 'sapeurs'
Struggling 'Czech Hollywood' pins hope on state aid
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01