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 …
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Publication information: Article title: Obeying New Hack-Attack Law to Cost Banks Millions. Contributors: Not available. Newspaper title: The Evening Standard (London, England). Publication date: April 22, 2004. Page number: 37. © Not available. COPYRIGHT 2004 Gale Group.
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