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Published 9 days ago by TNY with 3 Comments

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  • Maternitus
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    • Gozzin
      +20

      It never is.

      • Maternitus (edited 9 days ago)
        +11

        Looking at all the ridiculous low fines these huge ass companies get, you'd think that their money and power seems above the law. Just look at what they got their tiny fine for: not securing their customers' money, which is in total even way more than their gross profit. More or less up for grabs for a bit of a decent hacker. And let's face it: yearly billions get stolen from banks and financial institutions. And never return, also.

        Let me explain. I have a cousin who was for years the network manager for Fortis (and ABN Amro), two "small" players in the banking world. He was responsible for everything computer network in the BeNeLux of those institutions. No matter how hard they tried to harden the safety of their networks and computers (including all kinds of encryption), an average of 250 to 450 million Euro got stolen every year. Every. Year. I kid you not. Let that sink in. Extrapolate that to all the institutions all over the world. That's billions every year. Now, it's understandable that doesn't hit the news all too much, because that's really shitty publicity, but it's money that does not belong to those institutions. It belongs to their clients. From hedgefund managers to mom-and-pop-shop owners, from hard working people to pensioners.

        And from that perspective you shouldn't trust banks or financial institutions and the government should seriously step up their game to hold banks and financial institutions responsible for their (conscious) negligence.

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