The government doesn’t have much reach either, after implementing Sarbanes Oxley on the accounting industry it didn’t stop people from finding other ways to trick the analysts and cook the books. What can the government really do to the credit rating industries.

I remember taking an Ethics class in my MBA, and it makes me wonder if these guys that head large corporations this very instance if they ever took an Ethics class or not, because so much corruption begins at the top of the pyramid and sprinkles its way down the rung. Will the new generation of workers who just got out of college who have more exposure to previous bouts of corruption be able to weed it out and replace these old timers with more ethical practices.

The whole idea that a company can – through contracts with financial companies that I also have contractual agreements with – collect data on me and others, subsequently sell that information top undisclosed entitles while simultaneously barring my access unless I pay them too, is ridiculously one-sided to say the least, and not in the consumer’s favor.

I think you have hit on an important aspect of the problem – the resulting black market for confidential information’s.

Since it apparent we will not be able to de-value data, that leaves us with improving the security protocols we employ.

Part of this project is not only identifying problem issues, but to also make suggestions as to how we may best combat these threats.

What systemic changes do you envision both government and the private sector needing to undertake in order to prevent a catastrophic security breach – be it financial or with other national security issues?

Thanks Harry!

I mean the same companies we trust to keep track of and get our credit scores also are the same companies which will group you with other people with similar financial needs than sell your name address and social number to banks and brokers. I mean why are we so surprised when our information is being stolen now a days?

Our SS# must be floating around so many server systems in the country, and some of it may be outsourced to other countries if server space is cheaper, than when a company tries to update their software the legacy software with the information is still stored on there for anyone who can access it.

Technology is being implemented at a faster pace than the safe-guards and protocols can be developed.

The risk is not only to people in general – ID theft and such – but also the entire financial industry as a whole.

And now that the industry is cutting back on expenses and personnel, does that also mean they will be cutting costs on security?

This is ultimately a national Security issue. There will be a series of articles dedicated to these issues right here at YourMortgageOrYourLife.com, and they will be even more in-depth than this introductory article.

We are just getting started.

Thanks!

I’m not real up on this stuff…