Obeying New Hack-Attack Law to Cost Banks Millions

The Evening Standard (London, England), April 22, 2004 | Go to article overview
Save to active project

Obeying New Hack-Attack Law to Cost Banks Millions


Byline: PETE WARREN

BRITAIN'S banks are being forced to reveal potentially damaging details about how often they have been attacked by computer hackers.

New international banking laws mean financial institutions must be more open about their vulnerability to IT-related risks, including socalled cyber attacks, so their insurers and auditors can gauge their liability.

The new openness demanded by the Basel II regulations looks set to cost the industry hundreds of millions of pounds as banks set up databases detailing a minimum of three years of hack attacks.

Banks will have to pass the information to their insurance-companies and auditors, and to international regulators from 2007, so they must set up systems to log and monitor attacks from now on.

Complying with the rules will cost the average-sized British bank an estimated [pounds sterling]200 million over the next five years.

Traditionally reluctant to tell outside organisations about security matters for reasons of commercial secrecy, and in some cases simple embarrassment, banks have been bitterly opposed to this new legislation.

The very existence of attacks by cyber-criminals is one of the industry's bestkept secrets, much to the frustration of police.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Obeying New Hack-Attack Law to Cost Banks Millions
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?