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Should Ottawa allow collection of personal financial data?


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3 hours ago, turningrite said:

Where did you come up with this? A friend of mine who has worked in the IT security field, including in the financial and telecom sectors, has told me that he believes that IT security is not as solid as many consumers believe to be the case. He steadfastly refuses to use online banking systems. I can't believe, then, that government systems are any more secure.

 

Your friend is right...I have worked in IT security for banking and insurance and it is not so solid.   Better than before...yes...but only because of breaches that mostly go unreported.   For many years in the industry, convenience/efficiency have trumped robust security measures.  There is also a problem with employee (insider) identity trafficking....many bank employees are not paid very well.

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6 hours ago, turningrite said:

Where did you come up with this? A friend of mine who has worked in the IT security field, including in the financial and telecom sectors, has told me that he believes that IT security is not as solid as many consumers believe to be the case. He steadfastly refuses to use online banking systems. I can't believe, then, that government systems are any more secure.

I am not saying it is 100% secure, no IT system is, but you can be the banks have tighter internet security than most organizations considering they deal with everyone's money. Also I have a couple IT colleagues and close friends who work in that exact area.

The problem does not lie with the banks system. Your IT guy should understand that man in the middle attacks are the way it happens. Meaning your PC that you do the banking on is not secure. And that is where the issue really lies. People's home systems are not secure and subject to lots of things. And I can bet that many people do not have secure passwords or are doing it from insecure computer systems.

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17 hours ago, GostHacked said:

I am not saying it is 100% secure, no IT system is, but you can be the banks have tighter internet security than most organizations considering they deal with everyone's money. Also I have a couple IT colleagues and close friends who work in that exact area.

The problem does not lie with the banks system. Your IT guy should understand that man in the middle attacks are the way it happens. Meaning your PC that you do the banking on is not secure. And that is where the issue really lies. People's home systems are not secure and subject to lots of things. And I can bet that many people do not have secure passwords or are doing it from insecure computer systems.

I think you underestimate cybersecurity risks and while it's probably true that individual consumers often aren't sufficiently aware of security issues relating to their own online practices the broader threats shouldn't be taken lightly. As the article on the CBC's website (link below) indicates, the Bank of Canada warned last year that our financial systems and databases are vulnerable to threats.

https://www.cbc.ca/news/politics/bank-canada-cyberattacks-banks-1.4158068

Edited by turningrite
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Just now, turningrite said:

I think you underestimate cybersecurity risks and while it's probably true to individual consumers often aren't sufficiently aware of security issues relating to their own online practices the broader threats shouldn't be taken lightly. As the article copied below from the CBC website indicates, the Bank of Canada warned last year that our financial systems and databases are vulnerable to threats.

https://www.cbc.ca/news/politics/bank-canada-cyberattacks-banks-1.4158068

I've been in the IT field professinally for close to 20 years now. I have never underestimated cyberscurity risks. Also I agree that the threats should be taken more seriously. This is why we are forcing our clients into better practices and better security. Phishing attempts and email spoofing are the two largest problems I see. For about 2 years we saw a rash of the crypto type viruses, but some of the things we got in place are helping prevent that kind of issue.  Banks are a constant target and if the system is 99.9% secure, then they still run a chance of getting hacked. Now all you need is one compromised system to get in. The hack attempts are getting more complicated and more powerful via the use of botnets.

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25 minutes ago, GostHacked said:

I've been in the IT field professinally for close to 20 years now. I have never underestimated cyberscurity risks. Also I agree that the threats should be taken more seriously. This is why we are forcing our clients into better practices and better security. Phishing attempts and email spoofing are the two largest problems I see. For about 2 years we saw a rash of the crypto type viruses, but some of the things we got in place are helping prevent that kind of issue.  Banks are a constant target and if the system is 99.9% secure, then they still run a chance of getting hacked. Now all you need is one compromised system to get in. The hack attempts are getting more complicated and more powerful via the use of botnets.

And if financial industry systems are vulnerable, how can we possibly imagine that government databases are any more secure? My guess is that they're more vulnerable as the financial industry has real incentives to invest in IT security while governments do not.

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It appears StatsCan and the Liberal government did not make clear that the financial data of 500,000 Canadians is actually the data of 500,000 HOUSEHOLDS. This would easily translate into harvesting the data of a million Canadians each year, without their knowledge and consent. Why would this tidbit not be divulged to Canadians? There is a difference between individual Canadians and Canadian households.

Link added:  https://globalnews.ca/news/4644041/statistics-canada-failed-to-disclose-key-info-about-project-to-harvest-bank-data/

Edited by capricorn
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