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omputer hackers are on the bleeding edge of the class war, and they’re finally cutting deep enough that the leader of the National Security Agency (NSA) is making an active push for some major congressional action.
That’s why NSA chief, Gen. Keith Alexander, told the conservative-leaning American Enterprise Institute on Monday that the costs associated with responding to computer hacking represents “the greatest transfer of wealth in history.”
“Symantec placed the costs of [intellectual property] theft to United States companies at $250 billion a year, global cyber crime at $114 billion annually — $388 billion when you factor in downtime — and McAfee estimates that $1 trillion was spent globally on remediation,” he said. “That’s our future disappearing in front of us.”
costs associated with responding to computer hacking represents “the greatest transfer of wealth in history
“Symantec placed the costs of [intellectual property] theft to United States companies at $250 billion a year, global cyber crime at $114 billion annually — $388 billion when you factor in downtime — and McAfee estimates that $1 trillion was spent globally on remediation,” he said. “That’s our future disappearing in front of us.”
Andrew Haldane, the Bank's executive director for financial stability, said that taking into account the permanent damage done to the productive potential of nations across the world, as well as the immediate costs of supporting the banks and the recession, there is an output loss equivalent to between $60trn and $200trn for the world economy
McAfee estimates that $1 trillion was spent globally on remediation
immediate costs of supporting the banks and the recession, there is an output loss equivalent to between $60trn and $200trn
At a late afternoon news conference, City Attorney James Penman, who the day before had told the city council that financial documents had been falsified for years,
Two days after the attempted suicide of founder and chairman Russell Wasendorf Sr, regulators are piecing together the alleged fraud that caused more than $200 million of the broker's client funds to vanish -- and the cover-up that hid the fact the money was missing for more than two years. Peregrine Financial Group, the firm's regulated unit, filed for bankruptcy late on Tuesday.
British bank HSBC is to apologise to politicians in the United States for its failure to properly implement money-laundering controls meant to prevent terrorists and other criminals from using its services.
The disclosure was made in an internal memo sent out by HSBC's chief executive Stuart Gulliver and comes in advance of what is expected to be a substantial fine for the bank.
"Between 2004 and 2010, our anti-money-laundering controls should have been stronger and more effective, and we failed to spot and deal with unacceptable behaviour," Gulliver told staff.