[ISN] Hackers try a bank job

From: InfoSec News (isnat_private)
Date: Thu Jul 18 2002 - 05:16:48 PDT

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    city diary 
    by Martin Waller
    July 18, 2002
    A RIVAL bank has been hacking into the website on which UBS Warburg
    stores information on derivatives trading for its staff and using this
    unauthorised information to assess their own market positions. It
    seems someone exited the Swiss-owned bank while still in possession of
    the relevant passwords.
    I know which bank is implicated, but I am not going to name it, except
    to say that the place has seen a lot of departures recently. The
    activity in question is not illegal, merely a way of saving money, but
    it is potentially dangerous.
    You are using unchecked data to assess what your trading operation is
    worth, a move that may not be appreciated by your compliance people or
    the auditors. UBS tells me: "We take IT security very seriously. We’re
    currently looking into your comments."
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