Too Much Transparency

If peoples’ reputations are judged by the enemies they make, the reputation of Julian Assange of Wikileaks is bouncing somewhere between the ionosphere and exosphere.
Although a bane to governments everywhere, Assange may have overplayed his hand. Government leaks are nothing new, but his promise that Wikileaks would release a "megaleak" of material from a large US bank sometime early in 2011 has made him a whole new set of enemies.
The target could be Bank of America (BofA) due to a previous 2009 Computerworld interview in which Assange stated that Wikileaks had 5GB worth of data from a BofA executive's hard drive.
However, getting that message out might be more difficult than the leak site expected. After a script-kiddie delayed the megaleak of US State Department documents with a distributed denial of service (DDOS) attack at the beginning of the week, Wikileaks turned to Amazon to run its servers in the vendor's cloud, but was rebuffed.
One way to prevent the damaging bank information from getting out is to use economic muscle to make Wikileaks a pariah in the internet service provider (ISP) and cloud community, but that's really just a holding action.
Leaks get out—they always do. If it's not done by Wikileaks, it will be by someone else.
Germany's Spiegel media outlet reports that former members of Wikileaks have already begun laying the groundwork for another whistle-blowing site that will not be as US-focused as Wikileaks, citing Daniel Domscheit-Berg, former Wikileaks member and one of the founders of the new site.
How can firms prevent a similar fate in the future? There's always updating the security protocols, but this behavior will be the new norm. Disgruntled employees will always find a way to smuggle data out of the organization and feed it to sites like Wikileaks for dissemination.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Speakerbus goes bust, Broadridge buys Signal, banks mandate cyber training, and more
The Waters Cooler: The Federal Reserve is reserved on GenAI, FloQast partners with Deloitte Australia, UBS invests in Domino Data Lab, and more in this week’s roundup.
Speakerbus ceases operations amid financial turmoil
Sources say customers were recently notified that the trader voice vendor was preparing to file for administration and would no longer be operational.
SS&C withdraws SEC application for clearing exemption
The fintech had been granted exemption in 2015 for SSCNet, a global trade network, that allowed it to provide matching and ETC services.
Standard Chartered CDO on AI, CAT on life support, Paxos files for clearing status, and more
The Waters Cooler: FIX updates MMT, a Finnish datacenter hangs in the balance, and partnerships galore in this week’s news roundup.
CAT on life support after appeals court ruling
Ahead of a comprehensive review promised by the SEC, lawyers believe that the recent overturn of the Consolidated Audit Trail’s funding order could herald its demise.
Paxos files to become SEC-registered clearing agency
The application comes after the blockchain infrastructure company completed a pilot in 2021 to test its settlement service.
Risk mitigation in round-the-clock trading
Tied closely with shortened settlement times, overnight trading poses operational and technical risks, writes Sergey Samushin, head of exchange solutions at Devexperts, in this guest column.
Genesis CEO steps down, Wells Fargo deploys agents, DTCC sells Report Hub, and more
The Waters Cooler: MarketAxess has enhanced its dealer-initiated protocols, EquiLend launches a market intelligence tool powered by AI, and the summer heat fuels fury over market data prices in this week’s news roundup.