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What is ITIL?

I first ran across the term ITIL® several years ago when I was researching some competing help desk solutions for Liberum Help Desk.  After some quick googling, about all I was able to determine was that it was some UK standard for how help desk tickets should be processed.  Fast forward to last year and ITIL pops back into my head when our IT department is reviewing our policies and procedures for our auditors.  Could ITIL be beneficial to our small IT department?

If so, what is ITIL?

Ethics and Regulations for System Administrators

With the recent news of Bernie Madoff's programmers being indicted, it got me thinking about ethics in IT.  The SAGE/LOPSA System Administrators' Code of Ethics does a good job of outlining ethical concerns for system administrators, and related to the Madoff case it has this point:
Laws and Policies
I will educate myself and others on relevant laws, regulations, and policies regarding the performance of my duties.