The recent case of Societe Generale losing more than €4 billion after an insider hacked its systems is only the tip of an iceberg. The extent of the problem has been well known for a long time but much of the banking industry leadership has shown a dangerous disinterest. Corporate and investment bank, Societe Generale, is blaming trader, Jerome Kerviel, for the colossal loss. The 31-year-old, who was taken into police custody on 8 February, has been charged with hacking into the bank's computers, falsifying documents and breach of trust. Societe Generale's misfortune is not a rarity in the banking industry. There are many cases in which so-called insiders, with responsible positions and high levels of internal access, have misused their authorisation and consequently caused damage to the bank and indirectly to the whole financial system. The objective of mis article is to give a summary of the most well known episodes of business infidelity, which have passed through state of the art security governance. We aim to demonstrate the importance of the IT security factor in finding fraudsters.
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