Banking in a Web 2.0 environment brings security headaches

I came across an article titled "U.S. Bank suffers Web 2.0 security headaches". Since this was a topic that was discussed in a class I am currently enrolled, I figured I would share it with the masses (besides the damn Terps messed up my bracket so I don't have anything better to do LOL). The articles give a 10,000 ft view of what banks have to consider when trying to implement new technologies to their consumers while trying to ensure the security of funds and the user information. New hand held and other mobile technologies are a key reason why banks have to implement new security and expand their infrastructure to accommodate new technology that their consumer wish to use.

"Web 2.0 has changed all that. We've had to expose the internal workings of the corporation. There's a whole rash of new devices coming out to enable people to compute when they want to, with the iPhones and smartphones."

This has made the banks have to expend funds on resources that may not foster a great ROI in a time where money is tight.

"We protect money. It's new for us to have to protect vast amounts of information," Hodge said. "We spend millions of dollars on security but it doesn't generate any new revenue. I haven't been able to show anybody a return on investment. It comes down to can we secure the organization at the right risk and the right cost. You can't spend all the money. You have to figure out what level of risk you're willing to tolerate."

In the end I believe the question should be, "Why in the hell would I want to bank from a damn phone????" Its just another item full of personal information that I have to safeguard. In this age of identity theft it is just too damn easy to steal a phone.