Security becomes financial watchword

Monday, 19 September 2005, 1:55 PM EST

The financial-services industry has been roiled this year by a string of data-security lapses involving tapes lost in transit, losses and theft of payment-card information, phishing attacks, and insider scams. The list of companies that have been stung reads like a Who's Who of the financial-services industry: Ameritrade, Bank of America, Citigroup, City National Bank, Commerce Bancorp, PNC Financial Services, and Wachovia. The data-security problem reached a new level in June when it was disclosed that a security breach at payment processor CardSystems Solutions Inc. had led to the exposure of 40 million card accounts.

By Steven Marlin at Security Pipeline.

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