NEW SECURITY LEARNING

By Martin Smith

The consequences of an organisation falling victim to rogue insider behaviour were seen in no uncertain terms earlier this year, when news broke that Swiss banking giant UBS had uncovered unauthorised trading by a member of staff, producing losses – at the time of going to press – of some $2.3bn (£1.5bn). UBS was quick to assure its customers that “no client positions were affected” but confidence in the bank’s reputation was clearly harmed, judging by the immediate 7% fall in its shares.

By Leonardo de Arrizabalaga y Prado

Why discuss culture together with defence and security? One answer might be that culture, an exclusive, frivolous, leisure pursuit of the rich, their flunkies, and social climbers, requires elaborate security to defend its providers and consumers from the righteous anger of the people, whose hard-earned taxes, or lottery losses, are squandered on subsidising fripperies such as opera, ballet, theatre, concerts, and art shows with dead cows in aspic, to which la-di-dah people wear fancy clothes.