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What can CISOs learn from the Societe Generale debacle

2008-02-19 09:17:17 by Khalid Kark in Security & Risk Management
 
...Kerviel cost the bank $7.2 billion by making huge unauthorized trades that he hid for months by allegedly hacking into the computers of the bank and creating fraudulent transactions to hide his tracks. The combined trading positions he built up totaled some 50 billion, or $73 billion. While this level of exposure going unnoticed boggles the...
 
Tags: security, formal security strategy, societe generale, security technology, external security challenges, implement security, access, security products, access users
 
 
 
 
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The Fox and the Henhouse

2008-01-28 15:02:17 by Burton Group in Security and Risk Management Strategies Blog
 
...Kerviel Societe Generale's press release regarding the incident can be found here http://www.telegraph.co.uk/money/graphics/2008/01/24/socgen.pdf The details of the fraud are not yet completely clear, and uninformed speculation is not likely to be helpful. But the first paragraph of the bank¹s press release deserves comment Societe Generale...
 
Tags: societe generale, societe generale begins, yesterday societe generale, societe generale appears, risk management lessons, risk management, risk management personnel, plain vanilla futures, apparently
 
 
 
 
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The Fox and the Henhouse

2008-01-28 15:02:17 by Burton Group in Security and Risk Management Strategies Blog
 
...Kerviel Societe Generale's press release regarding the incident can be found here http://www.telegraph.co.uk/money/graphics/2008/01/24/socgen.pdf The details of the fraud are not yet completely clear, and uninformed speculation is not likely to be helpful. But the first paragraph of the bank??s press release deserves comment Societe Generale...
 
Tags: societe generale, societe generale begins, jerome kerviel, kerviel, yesterday societe generale, apparently, bank apparently, bank, prevent kerviel
 
 
 
 
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What Constitutes A $7B Control Failure?

2008-01-25 16:01:33 by Chris McClean in Security & Risk Management
 
...Kerviel, the trader at Frances Société Générale who has apparently confessed to fraudulent trades resulting in an estimated loss of roughly $7.2 billion In further coverage , we hear that the bank has apologized to share holders, filed legal claims against Kerviel, and promised the public that the incident does not suggest any larger...
 
Tags: wall street journal, control failure, risk, 31-year-old jrme kerviel, companys risk management, story, kerviel, story reminds, coverage
 
 
 
 
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Genius Hacker Released from Prison; Lands Job with IT Firm

2008-04-27 00:40:38 by Editor in Digg / Security
 
When Société Générale announced Jan. 24 that it had lost 4.9 billion (now valued at $7.68 billion) due to risky and unauthorized trading by Mr. Kerviel, the bank depicted the former trader as a devious information-technology whiz
 
Tags: billion, socit gnrale, devious, due, whiz, kerviel, trader, jan, bank
 
 
 
 
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Let's Not Let the Security Staff Become the SocGen Scapegoat

2008-02-25 17:47:53 by Posted By: Jay Heiser, Research VP in IT Leaders - Security and Risk Management
 
...Kerviel to eventually bring the bank to its knees. Security product vendors are taking the opportunity to position their technology as being solutions that could have prevented this failure It is certainly the case that many forms of control technology can overcome human weakness. But at best, it is misguided to believe that technology...
 
Tags: failure, governance failure, management, risk management, technology failure, bank management, staff, security staff, technology
 
 
 
 
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Security Lessons Learned from Société Générale

2008-05-22 14:32:02 by Editor in IEEE Security and Privacy
 
The huge trading losses in 2007 and 2008 at Société Générale were caused by insider Jerome Kerviel's unauthorized actions. We can learn many lessons about the technological aspects of security from this insider attack, as well as some that we might hope to learn, but can't
 
Tags: insider jerome kerviel, lessons, technological aspects, insider attack, socit gnrale, security, actions, hope, losses
 
 
 
 
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Société Générale plans to close loopholes by year end

2008-05-23 00:00:00 by HASH0x8b3dbdc in Network World on Security
 
French bank Société Générale expects to have remedies in place by year end for the technical and procedural flaws that allowed rogue trader Jérôme Kerviel to build a fraudulent trading position that cost the bank 4.9 billion (US$7.25 billion
 
Tags: procedural flaws, billion, cost, fraudulent, position, technical, us7, bank, remedies
 
 
 
 
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EIC 2008: Takeaways from Europe's biggest identity event

The Article has images
2008-06-13 08:19:15 by Bill Nagel in Security & Risk Management
...Kerviel ". Nothing like an(other) egregious breach of policy, procedure, and trust to concentrate the mind! Suddenly everyone is rediscovering the Barings debacle of a decade ago and recalling the name "Nick Leeson" and realizing that, while we have made great technological strides in the past decade, all too often the people and process...
 
Tags: identity, information, information risk management, user-centric identity, iam, iam implementation, effective information security, implement iam, holistic iam context
 
 
 
 
 
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