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GAO: Financial bodies need to beef up security

Government report says financial market organizations still need to strengthen their safeguards against electronic attacks.

Financial market organizations still need better information security, particularly restrictions on who may access their systems, government auditors have suggested. A recent Government Accountability Office report to Congress (PDF here) said seven unnamed financial market bodies have taken steps to fend off electronic attacks but still need to do more.

As of the report's publication on June 29, the organizations under study had completed action on 35 percent of the issues deemed by the GAO to be necessary for creating a "sound information security program." The groups were considering, planning, or in the process of taking action on the bulk of the remaining suggestions. The GAO says it will continue to monitor their progress.