In recession time, Jet cuts the fat; 1000 lose jobs

October 15, 2008

As aviation CEOs meet in Hyderabad to sort out the crisis that has hit their industry, 1000 Jet Airways employees have been sacked.  They include mostly cabin crew and engineers.

Jet says the sacked employees were probationers who will be given 30 days pay.
This is part of a major cost-cutting exercise citing the company’s poor financial health. The move comes a day after Jet tied up with Kingfisher Airlines.
Jet Airways chairman Naresh Goyal has said that only those whose jobs were not confirmed have been laid off. He went onto say that the process will allow them to allocate resources to existing employees.

Source: NDTV

What is the “Red Flags Rule?”

October 15, 2008

Before looking at its impact on security controls, we need a thorough understanding of what the Red Flags Rule actually covers. According to an article posted at the American Hospital Association News site, the rule consists of three parts:

  1. Debit and credit card issuers must develop policies and procedures to assess the validity of a request for a change of address that is followed closely by a request for an additional or replacement card.
  2. Users of consumer reports must develop reasonable policies and procedures to respond to any notice of an address discrepancy they receive from a consumer reporting agency
  3. Financial institutions and creditors holding consumer or other “covered accounts” must develop and implement a written identity theft prevention program that covers both new and existing accounts.

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FACTA “Red Flags Rule”: Concern for security managers?

October 15, 2008

November 1, 2008 is the deadline for compliance with the “Red Flags Rule” of the U.S. Fair and Accurate Credit Transaction Act of 2003 (FACTA). The purpose of the FACTA is placement of an identity theft identification and response requirement on U.S. businesses. Although most of the Red Flag requirements apply to hiring and credit processing practices as well as those related to health facility admissions, PII and ePHI protection are also included. So what does this mean to security managers? It depends.