Friday, June 10, 2011

Citibank Hacked - The Hits Keep On Coming Muhammad Ali Style

Citibank admits to a security breach affecting over 210,000 customers. They admitted it one month after the cyberattack. Are there more damaging releases that have been withheld? Is this the drip water torture of Chinese fame? How do we know this is the truth, the whole truth and nothing but the truth? Is it like the doublespeak of RSA fame? Is it one of a string of damning breaches of Sony fame?

Will there be a bill of rights for known data breaches where victims will be indemnified and informed of the attack once it happens?

We will see legislators pounce on all these recent breaches to remain in the limelight, grandstand and posture on matters. However, what should really be highlighted is that a lot of the regulatory framework is already in place in other countries and are only issued as guidelines in the United States. They have just not been enforced. Kinda like telling a kid to stay away from the cookie jar when you leave it unattended. Security should not be an afterthought. After all, the only thing we have left with our Banks is Trust, up for review post-TARPS bailout of course, as opposed to placing our hard-earned dollars under the mattress.

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