By Kevin M. Nixon, Information Security Resources Security Editor

It is usual and customary during the 4th Quarter of any year, to think about the potential threats to our financial institutions and corporations, in an effort to get ahead of the curve and stave off additional failures.

I have listed my Top 5 concerns below and welcome comments from readers.

One:  Regulation

To date, no changes have been made to strengthen Federal Laws or improve SEC reporting criteria.

Under Sarbanes-Oxley (SOX), quarterly and annual reports should not only report a corporation’s financial performance, corporations must also report other events, legal actions, or “material impairments” which can affect the overall stability of the investor’s assets.

In my opinion, the Securities and Exchange Commission took a very narrow view when constructing the modifications for incorporation into “The Securities Exchange Act of 1934”.

The major transparency reporting flaws in SOX relate directly to SEC Act Rule 13a-15.  This rule is the portion of the SEC Act that was modified after the passag