financialstandard.com.auThe financial services industry could face more threats of industrial espionage online through malicious software technology often associated with credit card fraud, warns an IT security expert.
At a time when banks, fund managers and super funds already have their hands full with online money laundering schemes, another IT-related risk is emerging and this time, the stakes are higher.
In a plot reminiscent of the scandals surrounding certain Australian mining companies and accusations of industrial espionage, financial services firms too may have a corporate "traitor" within their ranks.
But the perpetrators themselves might not even know they are inadvertently supplying sensitive information to rival companies.
Mikko Hypponen, chief research officer at online security firm F-Secure, said there have been cases overseas where organised crime would target certain finance professionals within a bank or a finance firm and spend weeks profiling those people.
For example, they would find out what certain employees' roles are within the company, what meetings they go to and who they hold the meetings with.
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