But Uppal tells us that the talk has been cancelled after concerns were raised by a financial industry client of the security auditing firm he works for, Information Risk Management.

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On Monday, Dillon Beresford, an analyst for security auditing firm NSS Labs, took aim at Siemens in a message to a mailing list devoted to supervisory control and data acquisition (SCADA) software used in physical systems like power plants and factories.

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Essentially, it helps IT departments handle things like security, governance, auditing, identity management and policy controls.

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In fact, many cloud providers have strict security policies and procedures, and likely adhere to auditing standards such as SAS-70.

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Uppal and Chawdhary were planning to walk through a series of case studies from their auditing work, showing different flaws in the security practices of major banks.

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Still, the university student plans to open source the full application and invite more auditing before making any claims about its fool-proof security.

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In another case, he points to the Chinese security technology firm NSFocus, which had its products analyzed by the code-auditing firm Veracode ahead of offering them internationally.

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