Faisal Danka

Some really exciting statistics reported by Verizon Business RISK team.

It is worth to note the fact that although percentage-wise the insider data breaches are 18% compared to the external 73%, later in the report is is mentioned that impact of an insider breach is relatively a lot higher than of an external breach.  Summary is below:

Who is behind data breaches?
73% resulted from external sources 
18% were caused by insiders
39% implicated business partners
30% involved multiple parties

How do breaches occur?
62% were attributed to a significant error 
59% resulted from hacking and intrusions  
31% incorporated malicious code
22% exploited a vulnerability
15% were due to physical threats

What commonalities exist?
66%  involved data the victim did not know was on the system
75%  of breaches were not discovered by the victim 
83%  of attacks were not highly difficult
85%  of breaches were the result of opportunistic attacks
87%  were considered avoidable through reasonable controls

You can find the report here

Goldman Sachs released this paper re Vietnam’s economic growth story and potential. Primarily driven by productivity increase, along with capital accumulation and labor input increases.

Risks relating to Vietnam’s economic growth are also covered in detail. This paper can be downloaded here

Emerging markets with their liquidity-laden coffers and a knack of investments are becoming attractive destinations for skilled financial services professionals and investors. In particular it is Middle East with Dubai, India and South Asia with Mumbai and East Asia with Shanghai.

These markets and their SWF’s are also answering prayers with their bailout packages, resulting in increased stakes in the ever-so-global financial & capital markets.

See a few links below:

On the move: Lack of deals alters poaching season
Bankers in London and New York are being told to relocate
Wall Street 2007 - Shanghai, Dubai, Mumbai or Goodbye 

Apparently not, FSA is urging banks to improve their controls, while a simple advice but barely followed. SocGen is a prime example. Although, other entity level and manual controls failed as well, but it was the technology that made it possible in the first place (based on the SocGen’s official statement released sometime earlier)

See here for further on this.

Interesting article by Cynthia hosted by Bankersonline, it discusses technology/IT risk in banking context to a certain extent. However, it will not be much to expect some reference to the capital requirement regulation and how it acts as a board level motivation to take technology/IT risks management more seriously.  More on it here