An archive of all the news items November 2005 to January 2006 on Compliance and Privacy
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Brussels Pauses Financial Regulations
Brussels has granted the financial sector a breathing space in the welter of Regulations after the huge number than that have been imposed over the last very few years. Many planned items are "paused"
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Sarbanes-Oxley Brings Business Benefits Outside the USA
Just as the mists were starting to clear for C-Level executives, a torrent of SOX is heading Europe's way. It can certainly be argued that Euro-CIOs should already be aware of Sarbanes-Oxley, but so many of them said “US Only. Not Relevant!” and moved on. The more astute looked at the regulatory regime and said “Ah, if we comply here, then it genuinely makes our lives easier for the future,” because they recognised competitive advantage and cost saving when they saw it.
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Compliance and Privacy Newletter - 5 December 2005
In this issue:
- Cybercrime nets more than drugs!
- MiFID Catches C-Level Execs Unawares
- Breaking News
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Hard Numbers on Internet Crime
A recent headline claims that cybercrime is more profitable than the drugs trade.
How can this be true? Trafficking in drugs is a mature criminal enterprise, large scale professional Internet crime only emerged in the past five years. The number of daily security alerts issued by VeriSign iDefense increased from 21 per day to 59, a 180% rise. If the claim that Internet crime already earns $105 billion a year is true and the growth rate is even a fraction of that, we are in very, very serious trouble
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Cybercrime yields more cash than drugs?
Compliance and Privacy's Peter Andrews looks at the claims made in a major interveiw Valerie McNiven gave to Reuters in Riyadh on 28th November. Andrews takes a harder look at the numbers quoted and has a critical look at the substance of the claims
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Michael Durant Refused Landmark Appeal by The House of Lords
Michael Durant is out of luck in his quest for a ruling in his favour in the UK courts, the House of Lords said at the end of November 2005. His only route forward is now Strasbourg.
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Information Commissioner sets priorities for Data Protection enforcement
The Information Commissioner's Office has launched a new Enforcement Strategy, which targets organisations that deliberately or persistently ignore their obligations under the Data Protection Act 1998.
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Nearly Half of Consumers Worldwide Willing to Switch Banks for More Security
Forty-five% of consumers worldwide are willing to switch to financial institutions that offer more security protection, according to new research from Unisys Corporation that polled more than 8,000 people around the world on identity fraud and bank security issues.
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MiFID'S Potential Impact on Europe's Securities Markets
The Markets in Financial Instruments Directive (MiFID) is likely to be one of the greatest legislative changes seen in Europe 's securities markets in over two decades. The intention of MiFID is to raise the standards of the European investment markets to US market levels and in particular, focus on best execution, investor protection, and transparency of trading.
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MiFID - the Markets in Financial Instruments Directive
Alongside Sarbanes Oxley and Basel 2 is the MiFID, which, if the European Parliament has its way, will be delivered inside two years. And this régime has swingeing penalties for failure to conform and will dwarf the budgetary impact of SOX and Basel 2 put together
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Password-stealing keyloggers skyrocket
Hackers are on target to release more than 6,000 keystroke loggers in 2005, a 65 per cent increase from the 3,753 keyloggers released last year, according to security intelligence organisation iDefense.
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Liberty Alliance to Speed Wide-Scale Adoption of Strong Authentication Solutions
The Liberty Alliance Project announced the formation of a global, cross-organizational expert group focused on developing open specifications for interoperable strong authentication. Liberty's new Strong Authentication Expert Group has been created to speed the worldwide deployment of interoperable strong authentication and to help organizations meet new industry-wide demands for universal strong authentication solutions.
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Protecting your personal information ranked as a top issue
Protecting personal information is now ranked as one of the top three most socially important issues, according to new research published by the Information Commissioner, Richard Thomas, on 16th November 2005.
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Backups, Archives and Subject Access Requests
We were prompted to look at this by the UBS/Perot/Michael Johnson case. The circumstances of that case mean that one party is calling for Data Backups to be retrieved, originally as part of a Statutory Access Request [SAR], and later by use of a Witness Summons. The other party is resisting. We're not going to comment on the Witness Summons, except to note the huge cost, stated to be £4.27m, of complying. Instead we're confining ourselves to the Data Protection Act 1998 [DPA].
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Compliance and Privacy Newletter - 14 November 2005
In this issue:
- Wi-Fi Breaks Data Protection Law
- Latest ISIB Report highlights VoIP risks
- VeriSign MSS 3.0 Portal Training
- Telemarketing and Privacy - Ofcom Acts on Silent Calls
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Compliance is only one element of the security puzzle
Compliance is only one element of the security puzzle - cost and complexity are equally if not more important to the overall efficiency and protection of users, networks and ultimatlely assets and smooth running of business.
VeriSign's Gabriel Swift responds to the Ernst and Young 8th annual Global Information Security Survey
Wi-Fi Breaks Data Protection Law
Unless you as a Wi-Fi Hotspot Provider take sufficient care when configuring your Wi-Fi then you run the risk of breaking Data Protection laws. The EU Information Commissioners are now looking long and hard at how well companies protect data – it is only a matter of time before they turn their attention to Wi-Fi.
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Spear-phishing – the new corporate threat
Spear-phishing attacks are on the increase according to IBM and others. Unlike traditional phishing attacks which randomly spam thousands of e-mail addresses, spear-phishing attacks specific targets. It's more difficult to set up but the rewards can be far higher because a successful attack gives the “spear-phisher” massive access within a corporation. To date such attacks have largely gone unreported because companies fear the loss of trust that would occur if they went public.
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HP has bought its own customer list!
Interex, the Liquidated Independent HP User Group's Data is a Commerical Asset
This "stranger than life" story deals with the business assets of Interex, the independent HP user group. Interex, which went into liquidation earlier this year, has its list of members as a business asset. And the liquidators, quite reasonably, want to sell this asset to salvage what they can to pay off the £2.5m that it owes. HP has paid £40,000 for 100,000 of its own customers to prevent that data being circulated elsewhere
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Regulatory compliance takes the lead as the most important driver of information security, surpassing worms and viruses
Yet organizations are missing the rare investment opportunities that compliance offers to promote information security as an integral part of their business says Ernst & Young's 8th annual Global Information Security Survey
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Data Protection and Email Marketing
On the second of November 2005 The United Kingdom Information Commissioner issued a new Data Protection Good Practice Note entitled Data Protection and Email Marketing. This clarifies the situation with regard to how you should conduct, should not conduct, and most importantly must not conduct email marketing campaigns.
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Telemarketing and Privacy - Ofcom Acts on Silent Calls
Today Ofcom has finally announced that it will use its powers under the Communications Act (Sections 128-131 of the Communications Act 2003) to take action against persistent misusers of the network. And misuse now includes silent calls. A silent call is one where an automated dialer initiates a call when there is no tele-operator available to handle the call, resulting in the phone ringing but the recipient of the call only hearing silence.
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