Here’s an actual case of where iSecurity, Raz-Lee’s Power i Security solution, could have saved a European bank, LGT, a lot headaches, expenses and bad press.

On February 26th, 2008 it was reported that at least eight countries were investigating their citizens for allegedly hiding financial assets at LGT Liechtenstein, an offshore bank.

The investigations were based upon the details of the bank’s clients obtained by the German secret service from a former bank employee. Using these details, German authorities investigated and prosecuted hundreds of people listed in the stolen data. At least one of the people who were investigated committed suicide, others were imprisoned, and still others were forced to leave their job at LGT. Naturally, Germany was able to make many millions of dollars in unpaid tax revenue on these non-reported assets.

On February 8th, 2010, in a decision described as “Awesome” in Business Insider website, a German court ordered the LGT subsidiary to pay more than $10M in damages to a client for failing to inform him that his confidential details had been stolen and handed to authorities, thereby harming his chances of escaping criminal penalties for tax evasion!

The remarkable part of this story is that back in February 2008, Raz-Lee’s Swiss distributor had spoken to this bank about iSecurity and reported the following:

“This bank has iSeries systems, and we spoke with the IT Managers, staff and other managers there. Their response to our presentation of iSecurity’s auditing, security and compliance solutions was something like “We have security, we don’t think we need security, maybe in the future.”

So now, LGT encountered this terrible mess!

Let’s hope that YOUR company installs iSecurity before the worst happens…

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The recession has been here for quite a while, and each company must rethink and adjust their strategy and expenditures to suit the unstable economy. In most cases,  this means companies will only invest in what they consider essential.

Is information security essential? I think so. Here is why information security becomes even more vital in a time of recession:

• Time of increased security risks – In a recession, more people are hard-pressed for money and have large debts; more people are unemployed, bored and angry. And don’t forget all those employees you fired last week, who could well be looking for revenge… all these people are potential hackers and embezzlers.
• NOT a time to expand your losses – In a recession, all companies suffer financially. However, no one can afford to expand losses by losing huge sums to hackers.
• Time to automate your tasks – In a Down Market, you have to make do with fewer employees. This means you have to be more efficient. Sophisticated security tools, such as iSecurity, can save you lots of time, with wizards, report generators, real-time alerts, and more. 
• Time to prepare for the upturn – Now, when sales are low, concentrate on preparing your infrastructure for the day after the recession, when you will have to focus on expanding sales and marketing.
• Time for Musts only – Security is a Must. It is not a nice-to-have new project. It is safeguarding what you already have and treasure most – your business-critical information.

Click here for information on the need for information security.
Click here for information on iSecurity, Raz-Lee’s sophisticated system i security tools
Written by Shari Masafy, Marketing Communications Manager, Raz-Lee Security
Email Shari Masafy at marketing@razlee.com