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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
 
...Societe Generale's chairman and chief executive, Daniel Bouton unbelievable that a person could single-handedly circumvent the security of Frances second largest bank to cause so much damage. This event brings to bear what security professionals have been saying for years focus on the insider threat. Mr. Kerviel cost the bank $7.2 billion by...
 
Tags: security, formal security strategy, societe generale, security technology, external security challenges, implement security, access, security products, access users
 
 
 
 
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Poor IT security blamed for Societe Generale fraud

2008-02-20 14:00:00 by Editor in Computerworld Security News
 
French bank Societe Generale could have prevented fraud that cost it $7.2B by imposing tighter controls on traders, a report concludes
 
Tags: fraud, report concludes, tighter controls, cost, traders
 
 
 
 
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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
 
...Societe Generale, the second-biggest bank in France, announced that it had suffered almost 5 billion Euros in losses due to the activities of one of the bank's derivatives traders Societe Generale apologized for the losses, and explained a three-day delay in announcing the fraud publicly by saying that bank officials needed time to unwind as...
 
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
 
...Societe Generale, the second-biggest bank in France, announced that it had suffered almost 5 billion Euros in losses due to the activities of one of the bank's derivatives traders Societe Generale apologized for the losses, and explained a three-day delay in announcing the fraud publicly by saying that bank officials needed time to unwind as...
 
Tags: societe generale, societe generale begins, jerome kerviel, kerviel, yesterday societe generale, apparently, bank apparently, bank, prevent kerviel
 
 
 
 
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Is Risk Management a People Problem?

2008-03-10 15:45:47 by Alex in RiskAnalys.is
 
...Societe Generale debacle Khalid Kark writes Security is first and foremost a people problem: Societe Generale probably had good set of security products and technologies in place, but all the security technology in the world wont necessarily help if an employee is in a position to figure out the processes and has the ability to disable the...
 
Tags: risk management, risk, people, risk management issue, impacts people, security, security technology, risk tolerance, people lessons
 
 
 
 
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Links for 2008-01-25 [del.icio.us]

2008-01-26 00:00:00 by Editor in Anton Chuvakin Blog -
 
...Societe Generale shows us why. | Threat Chaos | ZDNet.com Intel ROSI Paper: Sets Practical Guidelines and Proper Expectations : bloginfosec.com Security Thoughts: Prediction 2 for 2008 - Stealth "Hackers Rational Survivability: Pushing Reset On the IT vs. SCADA Security Debate Schneier on Security: Hacking Power Networks Vmyths on SCADA -...
 
Tags: security, payment card security, scada, scada security, sets practical guidelines, sans director confirms, intel rosi paper, silent rampage wipes, apple hack news
 
 
 
 
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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
 
...Societe Generale security function as being at fault in allowing "rogue" trader Jerome 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...
 
Tags: failure, governance failure, management, risk management, technology failure, bank management, staff, security staff, technology
 
 
 
 
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Five reasons SocGen did not detect that $7 billion fraud

2008-05-27 13:00:00 by Editor in Computerworld Security News
 
You'd think it wouldn't be so easy to lose $7 billion through just one relatively low-level employee's actions, but a report released last week by Paris-based Societe Generale showed that no man, not even a fraudster, is an island
 
Tags: low-level employee, billion, societe generale, actions, island, week, easy, report, fraudster
 
 
 
 
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This week in history - volcanos, hurricanes, and the risk of Black Swans

The Article has images
2008-08-28 11:07:47 by Chris McClean in Security & Risk Management
...Societe General debacle or the 2004 Indian Ocean tsunami? Whats next? Should these types of events be included in our risk assessments Wed like to get your opinion on these and other risks that may be on the very edge of the statistical tail. At what point do they belong in your risk register Of course, its possible to define mitigating...
 
Tags: similar events, events, black swan events, black swan, plan, crisis management plan, week, colleague stephanie balaouras, argues
 
 
 
 
 
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