Shaw Capital Management Factoring and Financings do not collect any information from our visitors other than the normal information that our website statistics automatically gathers. The following is just a standard Privacy Policy agreement.
We strive to safeguard the privacy of our website guests; this policy sets out how we will treat your personal information.
(1) What information do we collect?
We may collect, store and use the following kinds of personal data:
(a) data about your visits to and use of this blog;
(b) data that you gave us for the purpose of registering with us and/or subscribing to our website services and/or email notifications.
(2) Information about website visits
We may collect data about your computer and your visits to this blog such as your IP address, geographical location, browser type, referral source, length of visit and number of page views. This information may be used in the administration of this site, to improve its usability, and for marketing purposes.
(3) Using your personal data
Personal data submitted on this blog will be used for the purposes specified in this privacy policy or in relevant parts of the blog.
In addition to the uses identified elsewhere in this privacy policy, we may use your personal data to:
(a) improve your browsing experience by personalizing the blog;
(b) send information (other than marketing communications) to you which we think may be of interest to you by post or by email or similar technology;
(c) send to you marketing communications relating to our business which we think may be of interest to you by post or, where you have specifically agreed to this, by email or similar technology (you can inform us at any time if you no longer require marketing communications to be sent by emailing info@shaw-capitalmanagementfactoring.com us.
(d) provide other companies with statistical information about our users – but this information will not be used to identify any individual user. We will not without your express consent provide your personal information to any third parties for the purpose of direct marketing.
(4) Other disclosures
In addition to the disclosures reasonably necessary for the purposes identified elsewhere in this privacy policy, we may disclose information about you:
(a) to the extent that we are required to do so by law;
(b) in connection with any legal proceedings or prospective legal proceedings;
(c) in order to establish, exercise or defend our legal rights (including providing information to others for the purposes of fraud prevention and reducing credit risk); and
Except as provided in this privacy policy, we will not give your information to third parties.
(5) International data transfers
Information that we collect may be stored and processed in and transferred between any of the countries in which we operate in order to enable us to use the information in accordance with this privacy policy.
(6) Security of your personal data
Shaw Capital Management Factoring and Financings will take reasonable precautions to prevent the loss, misuse or alteration of your personal information. Of course, data transmission over the internet is inherently insecure, and we cannot guarantee the security of data sent over the internet.
(7) Policy amendments
We may update this privacy policy from time-to-time by posting a new version. You should check this page occasionally to make ensure that you are aware of the latest changes.
(8) Third party websites
The blog contains links to other websites. Shaw Capital Management Factoring and Financings is not responsible for the privacy policies (or content) of third party websites.
(9) Contact – You can contact us by email
info@shaw-capitalmanagementfactoring.com.
Thursday, July 7, 2011
Tuesday, July 5, 2011
Bell heads for the HST boiler room
Posted by Tom Fletcher
MAY
3
He can sell lumber to China, but can he sell the HST to British Columbia? Folks around the province are about to find out, as Jobs, Tourism and Innovation Minister Pat Bell comes off the bench to join Finance Minister Kevin Falcon and Transportation Minister Blair Lekstrom in the hosting of telephone town halls on the HST.
The finance ministry has just announced a new schedule for the remaining town halls. They’re doing them three regions at a time, after being forced to juggle the schedule to avoid Vancouver Canucks playoff games. Here’s the new schedule, with robo-callers ready to start ringing every listed home phone in each region to invite them to take part.
Wednesday, May 4
* 6:30 p.m. MDT (5:30 p.m. PDT) – Kootenay
* 7:00 p.m. – Burnaby, Port Coquitlam, New Westminster, Coquitlam
* 7:30 p.m. – Interior and North Coast
Tuesday, May 10
* 6:30 p.m. – Okanagan
* 7:00 p.m. – Fraser valley
* 7:30 p.m. – Mid-Island, North Island and Southern Coast
Thursday, May 12
* 5:30 p.m. – Richmond, South Delta and North Shore
* 6:00 p.m. – Victoria
* 6:30 p.m. – Vancouver
MAY
3
He can sell lumber to China, but can he sell the HST to British Columbia? Folks around the province are about to find out, as Jobs, Tourism and Innovation Minister Pat Bell comes off the bench to join Finance Minister Kevin Falcon and Transportation Minister Blair Lekstrom in the hosting of telephone town halls on the HST.
The finance ministry has just announced a new schedule for the remaining town halls. They’re doing them three regions at a time, after being forced to juggle the schedule to avoid Vancouver Canucks playoff games. Here’s the new schedule, with robo-callers ready to start ringing every listed home phone in each region to invite them to take part.
Wednesday, May 4
* 6:30 p.m. MDT (5:30 p.m. PDT) – Kootenay
* 7:00 p.m. – Burnaby, Port Coquitlam, New Westminster, Coquitlam
* 7:30 p.m. – Interior and North Coast
Tuesday, May 10
* 6:30 p.m. – Okanagan
* 7:00 p.m. – Fraser valley
* 7:30 p.m. – Mid-Island, North Island and Southern Coast
Thursday, May 12
* 5:30 p.m. – Richmond, South Delta and North Shore
* 6:00 p.m. – Victoria
* 6:30 p.m. – Vancouver
Shaw Capital Management : Boiler Room Climbing Gym rock wall in Kingston Ontario | Organizational Development - The Fun Way
Organizational Development - The Fun Way
The Boiler Room is a great place to reward your folks with some fun. It’s also an ideal place to get serious and explore issues related to team and organizational development. By temporarily shedding job titles and real world responsibilities, your people can interact freely and fully engage to achieve group goals.
All of our offerings focus on enhancing the relational skills needed for positive and productive human interaction and goal achievement. We'll help you examine and talk about human systems objectively and break through to new understandings about human interaction within your group or organization.
We offer learning 'events' that include climbing the walls at The Boiler Room, as well as non-climbing experiential challenges. We also offer training courses and experiential events at the venue of your choice.
Whether you're looking for a light social activity or educational opportunities, The Boiler Room has a lot to offer...
The Boiler Room is a great place to reward your folks with some fun. It’s also an ideal place to get serious and explore issues related to team and organizational development. By temporarily shedding job titles and real world responsibilities, your people can interact freely and fully engage to achieve group goals.
All of our offerings focus on enhancing the relational skills needed for positive and productive human interaction and goal achievement. We'll help you examine and talk about human systems objectively and break through to new understandings about human interaction within your group or organization.
We offer learning 'events' that include climbing the walls at The Boiler Room, as well as non-climbing experiential challenges. We also offer training courses and experiential events at the venue of your choice.
Whether you're looking for a light social activity or educational opportunities, The Boiler Room has a lot to offer...
Shaw Capital Management Factoring:Freight Bill Factoring – Right or Warning for Your Business
http://shaw-capitalmanagement.com
submitted by: shawcapitalman
Shaw Capital Factoring and Management of Loans Freight Bill factoring Tips - One of the most difficult aspects of managing a trucking company – especially a small trucking company – is the cash flow. Cash flow is all about how money moves through your company. Unfortunately, when you have clients that pay 30 to 60 days after you have shipped for them, the cash flow can become a little strained. This is because, even though your customers have not paid yet, you still have daily expenses: truck maintenance, pay checks to personnel, fuel costs and more. So how do you cover these expenses when you do not have the ready capital to hand? One solution can be freight bill factoring.
Freight bill factoring v. traditional loan financing
Shaw Capital Management and Factoring, Right or Warning for Your Business - If you are a small trucking company (and maybe even a medium sized or large one), you know that sometimes it can be tough to get traditional loan financing. Often, especially if you are start up, or if you are going through a rapid period of expansion, you just do not have the available credit for traditional loan financing – and you still have the need for cash.
In such cases, freight bill factoring can help you obtain the capital you need. In freight bill factoring, a financing company – called a factor – basically buys the freight bill from you and advances you the cash. Often, the factor will in turn collect from the customer, meaning that once you turn the invoice over, it is also no longer something you need to worry about.
Basics of freight bill factoring - Freight Bill Factoring – Right or Warning for Your Business
Even thought there is not the same approval process that you would have to go through with the bank, the factor will still want to make sure that payment from your customers is likely. Your customer list may be scrutinized, and those that pass muster can provide the freight bills for factoring. It is possible to set up a regular arrangement with the factor so that cash flow remains regular. Here are some of the things you need to keep in mind about freight bill factoring:
Documentation. Proper documentation will be needed when you present a freight bill for factoring. You will need an original bill of lading, as well as other documents that the factor may request.
Fees. Be aware that you will be charge a fee for the advance. This is typically between three percent and five percent of the total. The fee depends on how reliable your customers are, and sometimes can depend on how quickly they pay their invoices.
Reserve. Sometimes, a factor will hold a reserve from the advance on the invoice. In such cases, many of them will pay between 85 and 90 percent of the freight bill up front. This is the advance. The rest is held in reserve, just in case the invoice is not paid, or if other fees need to be collected. When the invoice is paid, the rest of the freight bill (minus the fee) is paid. For example, if you have a bill for $1,000, the company may only advance you $900 on the spot. (Remember, though, this is better than the $0 you be getting otherwise.) If the fee is three percent of the total, $30 would be subtracted from the remaining $100 when the customer pays the invoice, leaving you with an additional $70.
Recourse v. non-recourse. It is very important to determine whether or not the factor you are working with offers recourse or a non-recourse agreement. This is because it can make a very big difference in the rights the factor has in collecting on an invoice that is not paid. In a recourse agreement, the factor can require this article has all rights reserved and is copyright by 100 Best you to pay some or all of a freight bill if the customer does not pay. In a non-recourse factoring agreement, once freight bill is turned over to the factor, it is solely the factor’s responsibility. You are in the clear if the customer does not pay – you can keep your money (although you may not get the reserve back).
Getting your money from the factor. You need to find out how the factor will pay your advance. With freight bill factoring, the most common methods are wire transfer, ACH transfer and check. It is important to note that the funds may not be available for immediate withdrawal from your account. In same cases it may take 24 to 48 hours for the money to become available to you.
Freight bill factoring can be very beneficial to trucking companies. It allows you almost immediate access to capital, and can keep the cash flow in your company more liquid.
submitted by: shawcapitalman
Shaw Capital Factoring and Management of Loans Freight Bill factoring Tips - One of the most difficult aspects of managing a trucking company – especially a small trucking company – is the cash flow. Cash flow is all about how money moves through your company. Unfortunately, when you have clients that pay 30 to 60 days after you have shipped for them, the cash flow can become a little strained. This is because, even though your customers have not paid yet, you still have daily expenses: truck maintenance, pay checks to personnel, fuel costs and more. So how do you cover these expenses when you do not have the ready capital to hand? One solution can be freight bill factoring.
Freight bill factoring v. traditional loan financing
Shaw Capital Management and Factoring, Right or Warning for Your Business - If you are a small trucking company (and maybe even a medium sized or large one), you know that sometimes it can be tough to get traditional loan financing. Often, especially if you are start up, or if you are going through a rapid period of expansion, you just do not have the available credit for traditional loan financing – and you still have the need for cash.
In such cases, freight bill factoring can help you obtain the capital you need. In freight bill factoring, a financing company – called a factor – basically buys the freight bill from you and advances you the cash. Often, the factor will in turn collect from the customer, meaning that once you turn the invoice over, it is also no longer something you need to worry about.
Basics of freight bill factoring - Freight Bill Factoring – Right or Warning for Your Business
Even thought there is not the same approval process that you would have to go through with the bank, the factor will still want to make sure that payment from your customers is likely. Your customer list may be scrutinized, and those that pass muster can provide the freight bills for factoring. It is possible to set up a regular arrangement with the factor so that cash flow remains regular. Here are some of the things you need to keep in mind about freight bill factoring:
Documentation. Proper documentation will be needed when you present a freight bill for factoring. You will need an original bill of lading, as well as other documents that the factor may request.
Fees. Be aware that you will be charge a fee for the advance. This is typically between three percent and five percent of the total. The fee depends on how reliable your customers are, and sometimes can depend on how quickly they pay their invoices.
Reserve. Sometimes, a factor will hold a reserve from the advance on the invoice. In such cases, many of them will pay between 85 and 90 percent of the freight bill up front. This is the advance. The rest is held in reserve, just in case the invoice is not paid, or if other fees need to be collected. When the invoice is paid, the rest of the freight bill (minus the fee) is paid. For example, if you have a bill for $1,000, the company may only advance you $900 on the spot. (Remember, though, this is better than the $0 you be getting otherwise.) If the fee is three percent of the total, $30 would be subtracted from the remaining $100 when the customer pays the invoice, leaving you with an additional $70.
Recourse v. non-recourse. It is very important to determine whether or not the factor you are working with offers recourse or a non-recourse agreement. This is because it can make a very big difference in the rights the factor has in collecting on an invoice that is not paid. In a recourse agreement, the factor can require this article has all rights reserved and is copyright by 100 Best you to pay some or all of a freight bill if the customer does not pay. In a non-recourse factoring agreement, once freight bill is turned over to the factor, it is solely the factor’s responsibility. You are in the clear if the customer does not pay – you can keep your money (although you may not get the reserve back).
Getting your money from the factor. You need to find out how the factor will pay your advance. With freight bill factoring, the most common methods are wire transfer, ACH transfer and check. It is important to note that the funds may not be available for immediate withdrawal from your account. In same cases it may take 24 to 48 hours for the money to become available to you.
Freight bill factoring can be very beneficial to trucking companies. It allows you almost immediate access to capital, and can keep the cash flow in your company more liquid.
Sunday, July 3, 2011
Shaw Capital Management February Newsletter: Government bond Markets 3 of 3
Shaw Capital Management Korea February Newsletter: Article three of three - The markets are assuming that the more powerful members of the eurozone will support the weaker members in order to prevent defaults that might threaten the single currency structure; but the yield spreads have widened considerably to reflect the increased risks. Our tentative view is that the markets will “muddle through”, and that defaults will be avoided; but higher overall yield levels seem unavoidable. Prospects in these markets are therefore very unattractive. The gilt edged market has also come under pressure over the past month; short-term yields have remained basically unchanged, but there have been increases in medium and longer-term yields that has produced a much steeper yield curve.
Shaw Capital Management Korea February Newsletter: Article three of three - There has been evidence of a modest improvement in the economic background; and the Bank of England is proving to be a stabilising influence at a difficult time; but a very disappointing Pre-Budget Report has indicated that there will be no attempt to address the problems of the huge fiscal deficit until after the election. Our tentative view is that the markets will “muddle through”, and that defaults will be avoided; but higher overall yield levels seem unavoidable. Prospects in these markets are therefore very unattractive. Funding pressures will therefore continued to increase; and so, although there does not appear to be any real danger that the UK might join the list of countries that could default on their sovereign debts, annual debt issues in excess of £200 billion cannot continue for long if this is to be avoided. It is no surprise therefore that investors have reacted by reducing their exposure to the market.
Shaw Capital Management Korea February Newsletter: Article three of three - There is still some doubt whether the UK economy has moved out of recession. The pace of contraction in the third quarter of the year has been slightly reduced, and since then the pace of job losses has declined, and consumer spending has held up fairly well. But business investment and manufacturing activity remains weak, and so there may have been no overall improvement in the final quarter of last year. The Bank of England has therefore kept short-term interest rates at 0.5%, and maintained its quantitative easing programme, and this has provided support for the market, since the bank has been a major buyer of gilts in recent months.
Shaw Capital Management Korea February Newsletter: Article three of three - However it has not been enough to prevent a very adverse reaction to the Pre-Budget Report from the UK Chancellor. The market did not really expect any significant action on the deficit ahead of the forth-coming general election; but was still surprised by the apparent lack of realism. The government is prepared to allow the deficit to continue to accumulate, and is relying on the gilt edged market to provide the funds to finance that deficit in the hope that this will enable it to win the election, and has produced no real indications of how the deficit might be reduced even after the election is over. It is not surprising therefore that investors have reacted by reducing exposure, that 10-year yields have risen to 4% and longer-term yields to 4.5%, and that there are even suggestions that the country could face a capital flight and a full-blown debt crisis in the coming months. We do not share these extreme views; but clearly the prospects for the market are very unattractive, and higher yields appear unavoidable. Investors have reacted by reducing exposure... and there are even suggestions that the country could face a capital flight and a fullblown debt crisis in the coming months.
Shaw Capital Management Korea February Newsletter: Article three of three - The Japanese bond market is basically unchanged over the past month; but there are fears that present yield levels are unsustainable. A sharp reduction in the growth estimate for the third quarter of last year, and weaknesses since then have raised the possibility of a move back into recession and a further period of deflation. The government has reacted by launching its fourth fiscal rescue package since the economic crisis began last year. It amounts to the equivalent of a further $81 billion to be spent in the regions and on subsidies for consumer durables, and is expected to lift the debt issuance this year to a record $835 billion, despite the indications that bond investors may be becoming increasingly unwilling to finance such a high level of new bonds, and the warning from the IMF that the government is risking a significant increase in debt funding costs. Since overseas involvement in the bond market is at a very low level, such a development is unlikely to affect bond markets elsewhere directly; but it could be a warning to other countries of the dangers of placing too much pressure on their own markets.
Shaw Capital Management Korea - Investment Innovation & Excellence. We provide the information, insight and expertise that you need to make the right investment choices. Shaw Capital Management based in Korea typically offers its clients such services as asset allocation and portfolio design; traditional and non-traditional manager review and selection; portfolio implementation; portfolio monitoring and consolidated performance reporting; and other wealth management services, including estate, tax, trust and insurance planning, asset custody, closely held business issues associated with the establishment or expansion of a family office, the formation of family investment partnerships or LLCs, philanthropy, family dynamics and inter-generation issues, etc.
Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Shaw Capital Management Korea February Newsletter: Article three of three - There has been evidence of a modest improvement in the economic background; and the Bank of England is proving to be a stabilising influence at a difficult time; but a very disappointing Pre-Budget Report has indicated that there will be no attempt to address the problems of the huge fiscal deficit until after the election. Our tentative view is that the markets will “muddle through”, and that defaults will be avoided; but higher overall yield levels seem unavoidable. Prospects in these markets are therefore very unattractive. Funding pressures will therefore continued to increase; and so, although there does not appear to be any real danger that the UK might join the list of countries that could default on their sovereign debts, annual debt issues in excess of £200 billion cannot continue for long if this is to be avoided. It is no surprise therefore that investors have reacted by reducing their exposure to the market.
Shaw Capital Management Korea February Newsletter: Article three of three - There is still some doubt whether the UK economy has moved out of recession. The pace of contraction in the third quarter of the year has been slightly reduced, and since then the pace of job losses has declined, and consumer spending has held up fairly well. But business investment and manufacturing activity remains weak, and so there may have been no overall improvement in the final quarter of last year. The Bank of England has therefore kept short-term interest rates at 0.5%, and maintained its quantitative easing programme, and this has provided support for the market, since the bank has been a major buyer of gilts in recent months.
Shaw Capital Management Korea February Newsletter: Article three of three - However it has not been enough to prevent a very adverse reaction to the Pre-Budget Report from the UK Chancellor. The market did not really expect any significant action on the deficit ahead of the forth-coming general election; but was still surprised by the apparent lack of realism. The government is prepared to allow the deficit to continue to accumulate, and is relying on the gilt edged market to provide the funds to finance that deficit in the hope that this will enable it to win the election, and has produced no real indications of how the deficit might be reduced even after the election is over. It is not surprising therefore that investors have reacted by reducing exposure, that 10-year yields have risen to 4% and longer-term yields to 4.5%, and that there are even suggestions that the country could face a capital flight and a full-blown debt crisis in the coming months. We do not share these extreme views; but clearly the prospects for the market are very unattractive, and higher yields appear unavoidable. Investors have reacted by reducing exposure... and there are even suggestions that the country could face a capital flight and a fullblown debt crisis in the coming months.
Shaw Capital Management Korea February Newsletter: Article three of three - The Japanese bond market is basically unchanged over the past month; but there are fears that present yield levels are unsustainable. A sharp reduction in the growth estimate for the third quarter of last year, and weaknesses since then have raised the possibility of a move back into recession and a further period of deflation. The government has reacted by launching its fourth fiscal rescue package since the economic crisis began last year. It amounts to the equivalent of a further $81 billion to be spent in the regions and on subsidies for consumer durables, and is expected to lift the debt issuance this year to a record $835 billion, despite the indications that bond investors may be becoming increasingly unwilling to finance such a high level of new bonds, and the warning from the IMF that the government is risking a significant increase in debt funding costs. Since overseas involvement in the bond market is at a very low level, such a development is unlikely to affect bond markets elsewhere directly; but it could be a warning to other countries of the dangers of placing too much pressure on their own markets.
Shaw Capital Management Korea - Investment Innovation & Excellence. We provide the information, insight and expertise that you need to make the right investment choices. Shaw Capital Management based in Korea typically offers its clients such services as asset allocation and portfolio design; traditional and non-traditional manager review and selection; portfolio implementation; portfolio monitoring and consolidated performance reporting; and other wealth management services, including estate, tax, trust and insurance planning, asset custody, closely held business issues associated with the establishment or expansion of a family office, the formation of family investment partnerships or LLCs, philanthropy, family dynamics and inter-generation issues, etc.
Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Shaw Capital Management - About Us
About Us
Shaw Capital Management and Financing provides export trade financing to clients in every major world market and can convert accounts receivable finance transactions in 17 currencies.
We have no minimum or maximum monthly volume requirements. Other factoring companies require a financial commitment for the amount of freight bills you factor each month.
Our highly skilled team provides full administrative support - including credit management, invoicing, collections, account reporting, expense reporting, fuel card management and much more!
With Shaw Capital Management and Financing, you get paid in full minus our fee the day we receive your freight bills. Other factoring companies holdback 10 to 15 percent of your money or more for each invoice in a reserve account. That reserve amount is not immediately provided to your company. In the end, you receive part of that percentage back, depending on how long it takes the factoring company to receive payment on the invoice.
At Shaw Capital Management - flexible funding requirements ...
Shaw Capital Management and Financing provides export trade financing to clients in every major world market and can convert accounts receivable finance transactions in 17 currencies.
We have no minimum or maximum monthly volume requirements. Other factoring companies require a financial commitment for the amount of freight bills you factor each month.
Our highly skilled team provides full administrative support - including credit management, invoicing, collections, account reporting, expense reporting, fuel card management and much more!
With Shaw Capital Management and Financing, you get paid in full minus our fee the day we receive your freight bills. Other factoring companies holdback 10 to 15 percent of your money or more for each invoice in a reserve account. That reserve amount is not immediately provided to your company. In the end, you receive part of that percentage back, depending on how long it takes the factoring company to receive payment on the invoice.
At Shaw Capital Management - flexible funding requirements ...
Shaw Capital Management Factoring: IMF Hack A Warning For Others To Invest In Staff Training
http://www.computerworld.com.au/article/390066/imf_hack_warning_others_invest_staff_training/
Hamish Barwick (Computerworld)
14 June, 2011 13:23
Staff training about simple email threats may have helped the International Monetary Fund (IMF) in New York from being hacked by a targeted malware attack, according to one analyst.
According to Bloomberg, the hack’s perpetrators obtained a “large quantity of data,” including e-mail and other documents during the intrusion.
Ovum’s UK based IT security analyst, Graham Titterington, said in a statement that many security mistakes occur within banks and other financial institutions because staff have not received sufficient training on threats.
[ With the increasing threat of cyber crimes, protect yourself and stay informed on the latest news with Computerworld's Security newsletter ]
“People are people and have innate vulnerabilities with respect to trusting the wrong people, accepting inducements, or simply having more pressing concerns at the time they are approached [via email],” he said.
While there was “no magic bullet” to prevent a cyber attack, the IMF could have also put more security measures in place.
“Most information theft attacks are launched through an Internet facing application in the corporate gateway, attacking vulnerabilities in applications using relatively predictable strategies such as SQL injection or scripting attacks,” Titterington said.
“So improving the coding standards of applications is a major step, or alternatively protecting applications by screening them with an application layer firewall.” According to Titterington, access control to systems was another area where controls were frequently circumvented, as attackers steal the credentials of legitimate users through a number of types of attack.
“Spyware is often inserted into the target organisation well before the main attack takes place to acquire this information. Monitoring data movements, data encryption, and data loss prevention systems can also reduce the loss of information directly from electronic systems, particularly with regard to high volume theft,” he said.
In the case of the IMF, data monitoring did flag the data breach, but not soon enough to prevent the hack taking place. “However, security technologies themselves are not universal panaceas, even when the vulnerabilities have been dealt with,” said Titerington.
“Data loss prevention is cumbersome and can obstruct legitimate business if it is not perfectly tuned while encryption is only as good as key management and brings the risk of losing all access to your data if you lose the key.”
Got a security tip-off? Contact Hamish Barwick at hamish_barwick at idg.com.au
Follow Hamish Barwick on Twitter: @HamishBarwick
Follow Computerworld Australia on Twitter: @ComputerworldAU
Hamish Barwick (Computerworld)
14 June, 2011 13:23
Staff training about simple email threats may have helped the International Monetary Fund (IMF) in New York from being hacked by a targeted malware attack, according to one analyst.
According to Bloomberg, the hack’s perpetrators obtained a “large quantity of data,” including e-mail and other documents during the intrusion.
Ovum’s UK based IT security analyst, Graham Titterington, said in a statement that many security mistakes occur within banks and other financial institutions because staff have not received sufficient training on threats.
[ With the increasing threat of cyber crimes, protect yourself and stay informed on the latest news with Computerworld's Security newsletter ]
“People are people and have innate vulnerabilities with respect to trusting the wrong people, accepting inducements, or simply having more pressing concerns at the time they are approached [via email],” he said.
While there was “no magic bullet” to prevent a cyber attack, the IMF could have also put more security measures in place.
“Most information theft attacks are launched through an Internet facing application in the corporate gateway, attacking vulnerabilities in applications using relatively predictable strategies such as SQL injection or scripting attacks,” Titterington said.
“So improving the coding standards of applications is a major step, or alternatively protecting applications by screening them with an application layer firewall.” According to Titterington, access control to systems was another area where controls were frequently circumvented, as attackers steal the credentials of legitimate users through a number of types of attack.
“Spyware is often inserted into the target organisation well before the main attack takes place to acquire this information. Monitoring data movements, data encryption, and data loss prevention systems can also reduce the loss of information directly from electronic systems, particularly with regard to high volume theft,” he said.
In the case of the IMF, data monitoring did flag the data breach, but not soon enough to prevent the hack taking place. “However, security technologies themselves are not universal panaceas, even when the vulnerabilities have been dealt with,” said Titerington.
“Data loss prevention is cumbersome and can obstruct legitimate business if it is not perfectly tuned while encryption is only as good as key management and brings the risk of losing all access to your data if you lose the key.”
Got a security tip-off? Contact Hamish Barwick at hamish_barwick at idg.com.au
Follow Hamish Barwick on Twitter: @HamishBarwick
Follow Computerworld Australia on Twitter: @ComputerworldAU
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