Last week a story broke about a former Fannie Mae IT contractor accused of planting malicious code that would have taken down systems and destroyed data right at the epicenter of today’s global financial crisis. The accused former employee has since surfaced claiming innocence so I prefer not to go into that specific case but rather use it to consider the likelihood that similar crimes could take place in other companies.

Well of course the probability is 100 percent simply because similar crimes HAVE taken place in other companies. It happens all the time at an annual cost of BILLIONS.

IT crimes go grossly under-reported because they are so embarrassing to their victims […]