9 Most Costly Financial Services Data Breaches

Global Payments breach, which affected MasterCard and Visa customers, is only the latest in string of hacks and data thefts that have cost financial institutions millions of dollars.

Anonymous: 10 Facts About The Hacktivist Group (click image for larger view and for slideshow)
Data breaches are no joke. Just ask any chief security officer. In addition to the bad headlines, customer churn, and regulatory headaches associated with data breaches, the monetary costs can add up quickly. Until the Mastercard and Visa hack, the most recent high-profile data breaches have hit largely outside of the financial services industry, with
Sony
,
Michaels Stores
, and
RSA
(which cost parent company EMC close to $66 million) grabbing most of the headlines.
Despite the focus on other industries, though, financial services continue to be a top target for data breaches, caused by hacks, card scams, insider data theft, and the loss of portable devices that contain financial or private information.
The details of the data breaches are downright scary--or ingenious, depending on your point of view. Here are nine of the largest, most recent financial services data breaches:
Type: Hack
Cost: $13 million
After breaking into FISs network and gaining access to the companys database, a group of criminals obtained 22 legitimate ATM cards. Copies of the cards were made and shipped to Greece, Russia, Spain, Sweden, the Ukraine and the United Kingdom, according to PrivacyRights.org. The criminals altered the cards so that they could be used to withdraw an unlimited amount of cash. A total of $13 million was taken from accounts in 24 hours, between the evening of Saturday, March 5, and Sunday, March 6, 2011. The heist may be one of the most complex and intricate bank hacks of all time, involving numerous criminals in six countries. It sounds like the storyline for a movie, except for the fact that it is fairly geeky cybercrime involving mundane ATMs.
Information Sources:

Privacyrights.org
and
KrebsonSecurity
.
Read the rest of this article on
Wall Street & Technology
.
As companies increase their use of cloud-based applications, IT and security professionals must make some tough and far-reaching decisions about how to provision, deprovision, and otherwise manage user access. This Dark Reading report,
How To Manage Identity In The Public Cloud
, examines the options and provides recommendations for determining which one is right for your organization. (Free registration required.)

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