Friday, October 10, 2008

Data Security in Financial Crisis

If you've not looked up from your screen in a while - there is a major world-wide recession underway. When you look around and see a company like Lehman Brothers basically out of business, the first instinct is to panic because the financial markets are clearly crumbling.

Rich Mogull's write up on entitled "Impact of the Economic Crisis on Security" was definitely worth a read, if you've not gotten a chance to read it yet. After you read Rich's blog entry... think about this: what's happening with all the data that's being "liquidated"? Scary isn't it. Those behemoths of Wall Street hold terabytes of information - PIA (personally identifiable information) of all types.

Once again I think we're right to rant and rave about how those CEOs should be behind bars, or worse - but let's consider the data. The data, or what's happening (or going to happen) to it is what's scarring me to death. I actually have data, my personal information, at some of those failed firms all over the place. When they're liquidated, or parted off and sold... is there a governing body somewhere that's keeping track and making sure disks are wiped clean, digitally shredded so they can't be used in fraud or identity thefts? All the government oversight we're proposing today, and the $700Bn (that number boggles my mind) "bailout" and not a single mention of information management anywhere in there.

I think there is a much deeper crisis here than just collapsing financials - because like it or not that ship will list and right itself, eventually (likely at the expense of you and I, the taxpayers) but the data that's mis-handled, lost, stolen and forgotten about... who's going to bail ME out when my identity is stolen as a result?

Anyway... thought I'd just share what's on my mind. Feel free to reply, comment and rant with me.

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