Georgian and US banks may face fines for not protecting networks

Defence IQ Press
Posted: 03/07/2012

London -- 28/02/2012 – In Brussels this May, the head of the UK’s Government Communications Headquarters (GCHQ) cyber policy, Martin Howard, and other government and military leaders are set to join cyber intelligence chiefs from major critical infrastructure companies, including BP, E.On Energie, CitiBank and GlaxoSmithKline, at International Cyber Security 2012.

In both Georgia and the USA, new cyber security legislation for banks and other CNI is currently being drafted, which may set precedents for other nations.

In an interview with Defence IQ, Georgia’s Deputy Defence Minister Andro Barnovi outlined his thoughts on the unusual position much of the world now finds itself in – relying on private firms to shield targets of national security.

"I know that certain banks are setting up very advanced systems for cyber security, but it’s still up to them. The government can only advise in this direction."

Referring to the on-going development of the state’s official cyber strategy, which is still being drafted owing to the unparalleled complexities of the cyber domain, Barnovi mentioned that legislation to ensure companies are doing what they can to protect their systems could soon be formalised.

"I think as soon as we have it, then certain legislation ensues. Most probably we will have some provisions there…Today we have just this shared vision that it is important and it’s a process of adopting this formal document. So far there is no obligation, but I think we can envision it in the near future."

While Barnovi would not discuss in detail any form of theoretical financial penalties for CNI firms, the US has been more outspoken this month. The Senate unveiled new bipartisan legislative plans to see that banks and companies involved embedded in the US economy defend themselves from infiltration or face genuine consequences.

Under the Cyber Security Act (S. 2105), the Department of Homeland Security would be tasked with identifying the big risk companies and making them prove they are meeting cyber security standards or face prosecution.

The International Cyber Security conference aims to help the private and public sectors by focusing on network defence for key areas of national security. Senior representatives from government, military and private firms critical to national security will be speaking about their primary concerns for their networks over the next 12-18 months, and what steps they are taking to secure their systems against the next generation of cyber attacks.

More information and booking forms can be found at http://www.Cyber-SecurityEvent.com.

Tel: +44 (0)20 7368 9300

Email: enquire@iqpc.co.uk

Defence IQ Press
Posted: 03/07/2012

EVENTS OF INTEREST

Hilton Munich Airport, Munich, Germany
February 19 - 21, 2018
London Marriott Hotel Regents Park, London, United Kingdom
February 26 - 28, 2018
London Marriott Hotel Regents Park, London, United Kingdom
February 26 - 28, 2018

Join for Free