http://www.eweek.com/c/a/Security/UBS-Rogue-Trader-Underscores-Insider-Threats-Facing-Enterprises-368962/ By Fahmida Y. Rashid eWEEK.com 2011-09-15 The arrest of a rogue stock trader at UBS, one of the world’s largest and most recognized banks, should serve as a wake-up call to all enterprises that many security threats actually come from inside their organization rather than from outside, according to several security experts. London police arrested a rogue trader with the Swiss bank Sept. 15. In a terse four-line statement, UBS said the trader is suspected of causing an estimated $2 billion loss due to unauthorized trades. While UBS has not named the trader, the Financial Times identified him as Kweku Adoboli, a director in European equity trading for the Zurich-based bank. "The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of USD 2 billion," UBS said in the statement. No client positions appear to have been affected. The bank was working to "get to the bottom of the matter as quickly as possible, and would spare no effort to establish exactly what has happened," UBS CEO Oswald Grübel wrote in an internal memo to staff, a copy of which was obtained by The Washington Post. The UBS incident echoes what cyber-security experts have been saying for a while now: insiders are among the biggest threats facing organizations. [...] _____________________________________________________________ Register now for the #HITB2011KUL - Asia's premier deep-knowledge network security event now in it's 9th year! http://conference.hitb.org/hitbsecconf2011kul/Received on Thu Sep 15 2011 - 23:06:17 PDT
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