By Bill Brenner
April 19, 2010
Off-shore financial institutions get lots of business from those who
think their money is safer on a (nearly) deserted island. But one
security expert says it's a myth.
Some economists believe as much as half the world's capital flows
through offshore institutions. You can also break down the math this
way: Less than 2 percent of the planet's population inhabits these tax
havens, yet 26 percent of the world's wealth can be found in these
"You would expect that isolated offshore financial centers, such as
those in Bermuda, Cayman Islands and the Bahamas would be exponentially
more secure than your local bank branch due to the magnitude of money
being protected but you would be wrong," said Andrew Hay, a Canadian
security practitioner and author who will give a talk on the subject at
SOURCE Boston Wednesday.
In an e-mail exchange conducted in advance of the conference, Hay said
foreign nations, malicious attackers, and malware makers know that most
tax havens, especially those located in small water-locked countries,
are behind the times when it comes to security. This knowledge, combined
with the amount of money that flows through the offshore financial
centers, makes them juicy targets for major financial exploitation.
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