Magazine : Archives : 2nd Quarter 2009

Beware the Inside Job

As if retail banks were not under the gun enough lately—with pressure mounting from the government, consumers, and competitors—industry observers say perhaps the worst threat banks have to consider is the one posed by their own employees. Insider data breaches, already a larger issue for banks than for companies in other industries, are on the rise as desperate, disgruntled, and recently departed employees use their access to steal sensitive information for personal gain or just to wreak havoc. According to the nonprofit Identity Theft Resource Center (ITRC) in San Diego, reports of U.S. data breaches in general increased 47% in...