It was a long time coming, but Howard Schmidt's appointment as White House Cybersecurity Coordinator was a welcome development, both because this is a reprisal of a role Schmidt held under the second President Bush-so he clearly knows the politics and pitfalls that await-and because he's couldn't be any more of an expert in the security issues at hand.

But with the latest brouhaha with China and malware-related losses rising, where Schmidt's priorities ought to be, and what he can accomplish, are matters for significant debate. Tom Kellermann, who chairs the Threats Working Group for the Commission on Cybersecurity for the 44th Presidency (CSIS), believes banks and governments are losing ground to the cyber criminals. He cites an alarming statistic: nearly half of 56,000 cases of known wire fraud in the past dozen years occurred in the past two years.

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