Financial institutions wide open to hackers

Outdated encryption could lead to major security failures this year.

In their haste to build competitive online services, some financial institutions have failed to implement the latest encryption technologies. Those using outmoded 40-bit encryption to secure transactions risk a major security breach รป and the resulting publicity will be disastrous, says Dave Olsen, vice president of electronic syndicate at JP Morgan.

Olsen became aware of the issue while educating customers in the use of JP Morgan's varied sites and trading platforms. In many cases, customers were not able...

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