We still find it surprising that so many preventable data leaks are making headlines when there are simple solutions, like Personal Fortress, available for free. Very recently, there was a story reported about an ex-employee at Goldman Sachs Group, Inc. who allegedly stole software algorithms that let the firm do “sophisticated, high-speed and high-volume trades on various stock and commodities markets.” The bank has raised the possibility that someone using this program could use it to manipulate markets in unfair ways.
When Workgroup Fortress was first created, its main target was to prevent source code files being accidentally or maliciously stolen, just like in this case. Many companies we talked to have the mindset that their source code is not really worth that much. They figure that if the consultant wrote the code in the first place, they would remember it and be able to reproduce it in the future. The fact is, re-writing long code based on memory is neither efficient nor effective as the source files have been debugged and typically have multiple contributors. What data thieves really need are complete source code documents; not just a few lines.
As Goldman Sachs does not sell software as their focus, the real cost of this theft is greater than one might think. These algorithms allowed Goldman Sachs to remain competitive in a weak market. Now that others have potential access to their software, Goldman Sachs stands to lose millions of dollars each year all because of a rogue employee’s actions.
The real tragedy in this story lies in how easy it is to prevent data theft. With Fortressware, employees can access, utilize, and edit any information or code deemed confidential; however, they are actively prevented from copying, uploading, and unintentionally or maliciously stealing corporate data assets. In the case of Goldman Sachs, all of their confidential code would have remained protected and this headache avoided.
With the market as risky as it’s become, companies cannot afford to remain unprotected. Companies should not just count on hoping that it doesn’t happen to them. Download some of these solutions and see how easy it is for you to make sure the only headlines you’re in are good ones.
