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Unformatted text preview: IT-320- IT Security.M. GilleyTerm paper.Online SecurityHow safe is safe? There is no single definitive answer to that question, because as increasing safeguards are added, the defrauders and hackers on the Internet always seem to catch up and move ahead. To give a positive answer to this question would be misleading. Yet, the percentages favor the online investor. Nevertheless, it is still a case of caveat emptor, “buyer beware”.Why does the stock market and investing have such a mystique in the United States? “The mythology that surrounds the stock market makes it difficult for the public, the government, and even the academic community to deal intelligently with what is indeed one of the important but not central institutions of a capitalist economy”. Martin Mayer reported that there is something so magnetic about “investing” that everyone hopes to do it someday. And now, that barrier is gone of having to walk into a brokerage office and deal with the haughty types to whom your few hundreds of few thousands of dollars to invest are hardly worth their time and trouble. The Internet provides anonymity and so sends of shame about the dollars one want to invest. But, while the one-on-one barrier is broken, the safety concern of someone stealing your name, your password, even your investment, is still very much a concern even to the sophisticated trader for whom the Internet is a time-saver, and not much else.Internet FraudMarty Jerome stated that “Computer fraud on the Internet is bringing in some $100 million a year”. The fact that PC prices are getting so low that nearly every family can now afford one and have it linked to some service provider like America On Line (AOL), has increased the opportunities of the criminal element to use electronic means of defrauding the public. Federal, state and local regulations have not kept pace. In fact, there are practically no statues on the books that provide serious penalties. Even the most ambitious and dangerous infiltrators, called “hackers” such as the notorious Kevin Mitnick only get slaps on the wrist. Katie Hafner said “A one year prison sentence, followed by six months in a rehabilitation program”.Hackers actually operate on two levels. One, the eager young hacker who does infiltrate secret web sites to see if he or she can ( and get away with it ) and the other professional who is looking for information, data, account numbers, even top-secret government statistics about weapons of personnel deployment. Among the latter is a Chinese-American scientist, employed for years at the Los Alamos nuclear facility, now accused of hacking into super sensitive data and selling it to the Chinese. There is even a sort of “combination” of these two levels....
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- Spring '09
- Computer Security