Feeds

Europe approves US mass data grab

Feds get all our bank info

Top three mobile application threats

Europe has signed a deal to hand over all bank transaction data to the US in order to help the ongoing war on terrorism.

The SWIFT agreement was signed yesterday in Brussels by Spanish minister for home affairs Alfredo Pérez Rubalcaba and the US embassy's economic economic officer to the EU, Michael Dodman.

Rubalcaba welcomed the "excellent agreement", which he said had been reached after discussions with the European Parliament.

The treaty must now be approved by the European Parliament. Assuming it does pass it will be in force for five years.

IT gives the US Treasury access to bank transactions although there is now some filtering at the European end. The agreement will be overseen by Europol.

The Swift agreement was first approved in the wake of the 9/11 attacks. It lapsed in February after the European Parliament rejected an earlier draft.

The European Data Protection Supervisor remains unimpressed and has questioned the need for bulk transfers of data and the time such data is kept without being investigated by US authorities. The EDPS has also called for better oversight of the process.

Most of the world's bank transactions are transmitted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), based in Belgium.

Read more here. ®

3 Big data security analytics techniques

More from The Register

next story
Putin tells Snowden: Russia conducts no US-style mass surveillance
Gov't is too broke for that, Russian prez says
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
Lavabit loses contempt of court appeal over protecting Snowden, customers
Judges rule complaints about government power are too little, too late
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Don't let no-hire pact suit witnesses call Steve Jobs a bullyboy, plead Apple and Google
'Irrelevant' character evidence should be excluded – lawyers
EFF: Feds plan to put 52 MILLION FACES into recognition database
System would identify faces as part of biometrics collection
Edward Snowden on his Putin TV appearance: 'Why all the criticism?'
Denies Q&A cameo was meant to slam US, big-up Russia
Ex-Tony Blair adviser is new top boss at UK spy-hive GCHQ
Robert Hannigan to replace Sir Iain Lobban in the autumn
Reprieve for Weev: Court disowns AT&T hacker's conviction
Appeals court strikes down landmark sentence
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.