SOX helping to solve IT security problems
Research carried out by the IT Governance Institute has shown that companies adhering to the conditions of the Sarbanes-Oxley Act do not suffer any serious IT security problems. The two main IT-related problems facing companies today are operational incidents and staffing issues, according to a study commissioned by the IT Governance Institute (ITGI).
NCsoft faces potential identity theft bill of 1Bln dollars
The number of identity theft victims linked to the Lineage online game looks set to surpass 1 million. If all the potential legal cases turn out to be successful the game's developer could face a legal bill of over $1 billion, with lawyers promising claimants $1,000 each in compensation. The number of South Korean identity theft victims connected to the Lineage online games is approaching the 1 million mark according to local authorities, vnunet.com reports.
Business lobby vents anger at SOX
The U.S. Chamber of Commerce, a traditional business lobbying group, has criticized the Securities Exchange Commission for its over-zealous regulatory methods. The number of court cases lost by the SEC was at the heart of the complaint by the business representatives, though it appears the chamber may have got its figures wrong:
Private data leak affects workers at General Motors
A former security guard at General Motors who stole documents belonging to the firm over 10 years ago managed to access the company's database and find out what kind of cars GM employees drove. Out of “boredom" the former guard started sending annoying e-mails to the car owners and as a result, he now faces a prison sentence.
CIA secrets discovered on the Internet
A newspaper says it has discovered secret data belonging to the U.S. government on the Internet. The paper said it managed to find a list of more than 2,500 CIA agents, some of whom are still working under cover, as well as details on several "secret" facilities. The Chicago Tribune reported that it managed to create a list of 2,653 CIA agents using Internet services that compile public data freely available to any fee-paying subscriber.
Canada gets its own version of SOX
New proposals will see Canada get its own version of the Sarbanes-Oxley Act. Public companies will have to prove to the Canadian Securities Administrators that they have effective internal controls over financial reporting, though, unlike SOX in the U.S., the new law will not require the services of expensive external auditors.
Ernst & Young lose yet another laptop
Auditing firm Ernst & Young has lost yet another laptop computer containing client details. This time thousands of IBM employees face the threat of identity theft.
New risk assessment standards unveiled by AICPA
The American Institute of Certified Public Accountants has approved a series of new auditing standards for assessing risks linked to the fraudulent or erroneous assessment of a company's material assets.
Insider sentenced to 4 years for stealing 1 million rubles
A government insider, who hid his criminal past and lack of qualifications to get a job as an accountant for the deputy prime minister, has been jailed for four years for siphoning off Р€1 million in British taxpayers' money via a front company.
Data of 122 patients on stolen Providence laptops
Two laptop computers have been stolen from the cars of Providence Hospice and Home Care employees. They contained the names, addresses, social security numbers and medical records of 122 patients. A similar incident occurred last December when 365,000 patient files from a Providence affiliate were also stolen.
