Employees of three major banks have been arrested on a charge of running an insider-dealing scheme.
According to BBC News, the investigation is a joint venture between the Financial Services Authority and the Serious Organised Crime Agency (SOCA). It claimed that employees from Deutsche Bank, BNP Paribas and hedge fund Moore Capital are now known to have workers caught up in the investigation.
Senthil Kumar, vice president of marketing at Oracle Financial Services global business unit, claimed that this incident shows that there is a need for IT security solutions that are suitable for use within the financial sector.
He said: “Every financial institution needs to ensure it has stringent measures and checks in place when it comes to accessing and sharing information. Recent investigations demonstrate how important it is for all banks and financial institutions to have identity management and authorisation systems in place right across every department.
“In some cases, controls on what can be copied and pasted to avoid unauthorised sharing of information can even be implemented to help protect sensitive data. With the correct technology in place, if any employee is trying to access information above their pay-grade, HR can be alerted via the IT systems, and then approve or question the access request.”
Comsec Consulting managing director Stuart Okin claimed yesterday that the process of monitoring end-user behaviour can allow a company to view what an employee is doing and it allows all actions to be looked at.
Kumar said: “The amount of market-sensitive data held by every financial institution is immense and financial institutions should look at installing IT systems that can help to increase levels of protection across every department.”