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It may already be a cliché, but the credit crunch is forcing all types of businesses to review their costs and look at how they can reduce overheads. Banks falling behind fraudsters. The FBI has arrested two men and charged them with stealing customer information from the servers of US mortgage lender Countrywide Financial. Financial services companies are struggling to deal with a variety of challenges associated with authenticating and securing their customer accounts in an increasingly complex multichannel environment, a panel of IT security professionals said at this week's RSA Conference in San Francisco. SOX, HIPAA, Basel II, CobIT – the alphabet soup of industry and government regulations regarding information security seems to get bigger each year.

IT managers are facing a tough time ahead as the economic crisis leads to the consolidation of several major banks and their respective IT systems. A recent survey of 100 IT managers and CIOs from the financial services, health care, retail, manufacturing and government business sectors shows that despite a torrent of bad press on data-security breaches involving FTP (file-transfer protocol), its use is prevalent and growing. A complex plot involving fake anti-spyware products has scammed thousands of victims out of money and personal information, according to SecureWorks. Victims infected with new malware may have their financial login credentials sent to a web address in Russia. Management software vendor CA has announced financial results for its second quarter fiscal year 2008, ending September 30th 2007. Despite the ongoing financial crisis, IT security spending is expected to grow this year, according to two reports from Forrester. The information security sector faces a mixed financial picture in 2008 with the pattern of M&A continuing but IPO activity less certain. That was the verdict of two leading financial analysts at the RSA Conference on Tuesday. AT RSA Europe, MXI Security™ announced it is collaborating with financial institutions worldwide to give customers with a portable anti-phishing tool to combat the threat posed by spear-phishing and man-in-the middle online security attacks. A wave of new SQL injection attacks appears to have infected several thousand web servers, including government and financial services sites. Chinese hackers have been able to successfully attack the White House computer network and obtain email messages between United States'government officials, the Financial Times reported Friday, citing a senior U.S. official. A combination of the consolidating financial services space and fear over the stock market plunge has prompted malware writers to shift their tactics. Symantec completes its acquisition of PC Tools but remains mum on the financial details.
Identity theft has become a multi-billion dollar issue that continues to accelerate, and protecting against it has become a multi-million dollar business, says Deloitte's Mark Steinhoff. Commonwealth Bank Australia is offering 25,000 Netbank customers free access to Computer Associates (CA) security software as it aims to improve security for its online services. The bitter reality of tough times can be made more sour by bad relations with the employees who can do real damage.