From: InfoSec News (alertsinfosecnews.org)
Date: Thu Feb 04 2010 - 00:48:41 CST

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http://www.bloomberg.com/apps/news?pid=20601109&sid=akmcfUr7TqHs&pos=11

By Warren Giles
Bloomberg.com
Feb. 2, 2010

(Bloomberg) -- Swiss banks are discovering that the biggest threat to
client privacy is their own workers.

German Chancellor Angela Merkel said yesterday her government may buy
stolen data on Swiss bank accounts as French authorities comb
information acquired from an employee of HSBC Holdings Plc's private
bank in Geneva. The cases come two years after Germany paid 5 million
euros ($7 million) for details filched from LGT Group in neighboring
Liechtenstein.

"This is a kind of business war against Switzerland in which practices
which were completely illegal have become acceptable," says Daniel
Fischer, founder of Zurich-based Fischer & Partner law firm who
specializes in banking law and fraud. "It's a huge danger for Swiss
banks."

The willingness of governments to pay for stolen data is fanning
tensions with France and Germany as Switzerland seeks to negotiate
treaties implementing its commitment to cooperate with international tax
probes. The Swiss government said last month it will draft a law barring
officials from assisting foreign countries in cases involving theft of
client details.

[...]

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