Hackers are bad enough, but disgruntled employees who commit sabotage, particularly staff members charged with protecting the integrity of bank systems and data, are maddening-and it can cost employers millions. Take the recently convicted Roger Duronio, a 60-year-old former systems administrator for UBS Paine Webber.
Duronio, allegedly unhappy with his 2002 bonus, built a 'logic bomb' computer virus that caused $3 million in damages. His motive: to inflict revenge on the bank and make money doing it by causing network failure, which, in turn, would cause the bank's share price to plummet. His method: set the program to activate 10 days after he resigned, deleting files on more than 1,000 UBS computers. The month before the bomb went off, Duronio spent $21,000 on 318 put-option contracts, so that he would profit when UBS shares dropped. The problem? The stock price didn't budge.
In late July, Duronio was found guilty of computer sabotage and securities fraud. Each conviction carries up to 10 years in federal prison.
