http://www.csoonline.com/article/591352/Offshore_banking_more_secure_You_re_dreaming By Bill Brenner Senior Editor CSO April 19, 2010 Off-shore financial institutions get lots of business from those who think their money is safer on a (nearly) deserted island. But one security expert says it's a myth. Some economists believe as much as half the world's capital flows through offshore institutions. You can also break down the math this way: Less than 2 percent of the planet's population inhabits these tax havens, yet 26 percent of the world's wealth can be found in these places. "You would expect that isolated offshore financial centers, such as those in Bermuda, Cayman Islands and the Bahamas would be exponentially more secure than your local bank branch due to the magnitude of money being protected but you would be wrong," said Andrew Hay, a Canadian security practitioner and author who will give a talk on the subject at SOURCE Boston Wednesday. In an e-mail exchange conducted in advance of the conference, Hay said foreign nations, malicious attackers, and malware makers know that most tax havens, especially those located in small water-locked countries, are behind the times when it comes to security. This knowledge, combined with the amount of money that flows through the offshore financial centers, makes them juicy targets for major financial exploitation. [...] ___________________________________________________________ Register now for HITBSecConf2010 - Dubai, the premier deep-knowledge network security event in the GCC, featuring keynote speakers John Viega and Matt Watchinski! http://conference.hitb.org/hitbsecconf2010dxb/Received on Wed Apr 21 2010 - 22:19:09 PDT
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