From: Craig Wright (cwright@bdosyd.com.au)
Date: Wed Mar 08 2006 - 03:21:10 EST
Further to the first point, most financial services legistlation (BASEL II, etc etc) calls for Audit and not Pen Tests. By this, this is a legally santioned test by legally [liable/ chargeable/ etc] auditors.
"A bank or other financial organization will tend to do whatever it can to avoid any kind of negative press, especially as it relates to integrity/confidentiality breaches, as long as the cure wouldn't bankrupt them too."
I have to disagree with this. They will look at a risk associated with the cost of "spin" - I have worked with banks who have done some *REALLY* stupid things. As sad as it is to say there is the risk as percieved by the directors to themself (inc share options) and there is the risk to the bank as a whole. If the share value is not likely to be impacted in the longer term (and an attack will not likely achieve this - see Citibank, NAB etc) than the issue may be under valued from a shareholder and client perspective.
Regards
Craig
-----Original Message-----
From: Jon Gucinski [mailto:Jgucinski@midwestbank.com]
Sent: Wed 8/03/2006 8:46 AM
To: pen-test@securityfocus.com
Cc:
Subject: RE: Bank pen test
There's also another thing to consider when dealing with financial
corporations: regulation. The US Banking sector is one of (if not THE)
most regulated industry on the planet. We're forced to comply with many
regulations, regardless of cost, in order to do business. While some
risks may be left open due to cost, i'd wager that the overwhelming
majority are not. Audit and Compliancy committee's just won't have it,
especially if an outside auditor/pen-test says that its a problem that
has to be fixed.
In terms of media value, its pretty much infinite. A bank or other
financial organization will tend to do whatever it can to avoid any kind
of negative press, especially as it relates to integrity/confidentiality
breaches, as long as the cure wouldn't bankrupt them too.
-Jon
Regards,
>>> "Craig Wright" <cwright@bdosyd.com.au> 3/6/2006 9:42:53 pm >>>
This is a simple and short answer for once. A good risk assessment will
take the impact from adverse publicity (not to state that all risk
Liability limited by a scheme approved under Professional Standards Legislation in respect of matters arising within those States and Territories of Australia where such legislation exists.
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