Fiserv Inc. is best known for providing various financial institutions with the protection that they need. Law firms that utilize their technology services recently received a major wake up call when the company announced that they had been forced to patch up a major weakness in their Web platform.
This development is going to have a number of effects on various law firms. The financial details of various customers were exposed to the world and the institutions tasked with defending themselves do not always have the recourse to do so. Much of the information that was exposed belongs to small businesses.
A wide range of small, local banks also use this company’s platforms. So what happens when IT support in Fort Lauderdale is not sufficient? These companies are left with precious little recourse. Kristian Erik Hermansen is a security researcher who discovered that all of the records could be accessed with relative ease.
This puts small businesses in a position where they will need the assistance of IT support in Fort Lauderdale and law firms that relied on this system may also require assistance. All Hermansen had to do was make a simple edit to the site’s code in his browser and a wealth of information was made available to him.
While he was not willing to use these powers for evil, he decided to issue a warning before cyber criminals had the chance to retrieve information about account transactions. Law firms that have been monitoring the situation find themselves if their records have been compromised or if they will need to defend a small business whose livelihood could be destroyed.
No bank wants to find out that any customer with working knowledge of their network can simply pull up the information of any other client. Hermansen knew that this was data that was not supposed to be seen and decided to do something about it. Not only did he tell his own bank about what he found but he also spoke with Fiserv employees directly to share his findings.
All banks that are affiliated with Fiserv are vulnerable to the same issue. These information disclosure weaknesses need to be shored up immediately. They are damaging to the brand of any company that is affected by them and law firms cannot always reverse the damages that tend to take place in these instances.
Any security error that takes place through no fault of the company’s own can be grounds for a potential lawsuit. That is why law firms are watching the current events as closely as possible. These security incidents are only going to continue to take place until Fiserv takes the time to close the loophole. Law firms should continue to remain on high alert.