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Citigroup Data Breach Worse Than Initially Reported; CIA Website Also Hacked

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It turns out that the Citigroup data breach that we reported about last Friday may actually have been almost twice as large as originally reported. Last week, Citigroup had said the breach involved 200,000 cardholders, or 1% of its 21 million North American cardholders. Now they are reporting that the breach may have exposed the private financial data of more than 360,000 customers.

While the bank has been criticized for waiting a month before notifying customers about the breach (the incident was discovered on May 10 but not revealed until June 9), it is to their credit that Citigroup has been up-front about what they have done to mitigate the threat.

Upon discovery, internal fraud alerts and enhanced monitoring were placed on all accounts deemed at risk. Simultaneously, rigorous analysis began to determine the precise accounts and type of information accessed. The majority of accounts impacted were identified within seven days of discovery. By May 24, we confirmed the full extent of information accessed on 360,069 accounts. An additional 14 accounts were confirmed subsequently. To determine the cardholder impact required analysis of millions of pieces of data.

The customers’ account information (such as name, account number and contact information, including email address) was viewed. However, data that is critical to commit fraud was not compromised: the customers’ social security number, date of birth, card expiration date and card security code (CVV).

While the investigation was underway, preparations began to notify customers and, as appropriate, replace affected customers’ credit cards.

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As of May 24, we began the process of developing notification packages including customer letters and manufacturing replacement cards, as well as preparing our customer service teams. Notification letters were sent beginning June 3, the majority of which included reissued credit cards.

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Citigroup also indicated that they have implemented “enhanced procedures” to prevent another incident and said the customers would not be liable for any fraudulent charges on their accounts and could contact the bank to set up free identity theft protection.

Unfortunately this is not the only high-profile cybersecurity incident to make headlines in the last couple of days. A group of hackers calling themselves LulzSec hacked the CIA’s website and took it offline Wednesday night. The group claims to have been responsible for recent attacks on the U.S. Senate, Sony and PBS. According to experts, their motivation has been simply for “grins and giggles.” Evidently it’s the hacker equivalent of the old mountain climbing justification, “Because it’s there.”

The larger question, however, is what do these incidents say about the preparedness of the United States to fight cybercrime. According to a interesting Reuters report, the gap between criminals and those tasked with stopping them is widening.

“We’re much better off (technologically) than we were a few years ago, but we have not kept pace with opponents,” said Jim Lewis, a cyber expert with the Center for Strategic and International Studies think tank. “The network is so deeply flawed that it can’t be secured.

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While the government is working to improve security, it seems unlikely that anyone will ever be able to get ahead of the threat. For many organizations, the only strategy may be to minimize the damage and chalk up cybersecurity as another cost of doing business. Hopefully that cost doesn’t get too high.

Risk Management in the News

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It’s a busy Monday morning for news regarding risk management. Here, I have compiled a snapshot of a few current events taking place within the discipline.

  • The Catch-22 of Supply Chain Risk Management: Steven Banker of LogisticsViewpoints.com tells how all of the things that can make for a lean and mean supply chain “can also cause a supply chain to become brittle and break in the face of disasters.” Banker uses the Japan earthquake and Toyota as an example.
  • ERM Supports Disaster Recovery Plans: Educational sessions at the 32nd annual Public Risk Management Association’s conference focused on how an enterprise risk management framework provides significant support for municipalities planning disaster recovery, business continuity and resiliency strategies.
  • Risk Management Needed to Prevent Future Food Scares: Focus Taiwan News Channel recounts how “public health scholars on Friday urged the government to devise a comprehensive food safety and risk management mechanism, including the regulation of chemical substances, to prevent more food scandals from happening in the future.”
  • Microsoft Buys ERM Software Vendor: The tech giant purchased enterprise risk management software vendor Prodiance “to add more compliance functionality to Microsoft Office.”
  • Reporting Key to Competent Risk Management: Risk.net reports how Eric Caban, an examining officer in the operational risk governance team at the Federal Reserve Bank of New York, warned that even though reporting is the key to competent risk management, it is often the area that is given the least amount of attention.
  • IMA’s Move on Managed Sectors May Help Risk/Return Approach: On MoneyMarketing.co.uk, Stuart Fowler discusses the flaws in conventional balanced management and why society welcomes the IMA’s provocation.

Banks’ Inability to Protect Info “Almost Shocking”

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Does the financial industry think it’s invincible? Or is the industry as a whole innocently ignorant as to how to keep up with certain emerging risks?

For example, Citigroup became the victim of a cyber thieves recently when banking giant realized hackers infiltrated their computer system and stole personal information from more than 200,000 credit card holders, making it one of the largest direct attacks on a major bank. As the New York Times points out:

Even more striking is that similar data breaches have been occurring for years — and the financial industry has failed to prevent them. Details remain scarce, but the disclosure of the Citigroup breach on Thursday quickly turned into a debate on whether the banks and major credit card companies had invested enough money to safeguard the personal information of their customers. “They’re not at all on top of it,” said Avivah Litan, a financial security analyst at Gartner Inc. “It’s almost shocking.”

Shocking indeed.

How, in 2011, are some of the world’s largest financial institutions unaware of the omnipresent threat of hackers? Though recent data breaches involving Sony, Amazon and Google have rightfully raised concerns regarding internet “security,” the Citigroup situation raises some serious red flags.

It raises a question as to whether flames of the ongoing cyber-war are leaping to financial banks. If so, prompt actions to combat the cyber-crime must be taken by both governments and private companies.

Writing about the overconfidence that banks exhibit reminds me of my post from yesterday in which I reference the Economist Intelligence Unit’s report that stated one of the many failings within the discipline of risk management is:

2. Finance executives remain unaware of risks

According to the survey, “Compared to colleagues in legal, risk and compliance functions, finance professionals are far more likely to say that their organizations haven’t suffered from significant risk or compliance failures.” This is yet another surprising finding since the financial department is considered one of, if not the, most important department in an organization, considered the oxygen to the life of a company. If they are operating with the mindset that their company is perfect, either they’re not being true to themselves or they honestly cannot see failures. Both scenarios are scary.

Though the above refers to finance executives in any industry and the Citigroup data breach involves one company within the banking industry, the idea remains the same: the severity of data breach risks is not being acknowledged among most companies — most of all, among those companies and executives dealing with money.

A Surprising Study from the Economist Intelligence Unit

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Just when you think the discipline of risk management is making headway in the boardrooms of large corporations across numerous industries, a report surfaces that makes you think otherwise.

I’m referring to a research report by the Economist Intelligence Unit (EIU) titled Ascending the Maturity Curve: Effective Management of Enterprise Risk and Compliance.

The report compares perception with reality, exposing the discrepancies between how executives view their risk mitigation capabilities and what they are actually doing.

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The research is based on a worldwide survey of 385 senior executives from the finance, risk, compliance and legal functions, and a series of in-depth interviews with executives familiar with risk and compliance within their organizations.

Some of the key findings from the report:

1. Chief risk officers are not earning the respect they should

The appointment of a CRO has become more common in companies after the Basel Accord and Sarbanes-Oxley, and even more so after this latest recession. Though the awareness of CROs and their functions has been on the rise, their contributions are not recognized as they should be. Surprisingly, the EIU research finds that just 26% of those surveyed felt the CRO was “essential in terms of achieving business goals.”

2. Finance executives remain unaware of risks

According to the survey, “Compared to colleagues in legal, risk and compliance functions, finance professionals are far more likely to say that their organizations haven’t suffered from significant risk or compliance failures.” This is yet another surprising finding since the financial department is considered one of, if not the, most important department in an organization, considered the oxygen to the life of a company. If they are operating with the mindset that their company is perfect, either they’re not being true to themselves or they honestly cannot see failures. Both scenarios are scary.

3. Most executives wrongly assume they’re earning an “A”

It could be seen as confidence overload among top executives — almost half of those surveyed said their company’s practices are consistent with the best in the industry. The EIU references the Lake Woebegone effect — or when the vast majority of people think they’re above average.

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This is never a good attitude to have when practicing risk management, a discipline which, among other things, means thinking of everything that could go wrong, will, and working on a plan to mitigate such risks. Over-confidence is never a good attribute for risk management.

The report also covers the lack of consistent policies on business practices, learning from failures, knowing a company’s risk appetite and which two functions are most averse to risk.

Though not a very optimistic report, we must not let such research bring us down. Rather, we should use them for insight, instruction and inspiration.

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