Brits hit by cyber theft could be forced to foot bill as banks shirk responsibility…(Get Out Of The Banks!!)
RT.com
25 May, 2016
Brits who use online banking services vulnerable to criminal hackers could be made liable for financial losses stemming from theft, as intelligence officials, central bankers and Downing Street seek to shirk responsibility.
The potential policy shift could see firms or individuals with poor online security left without compensation if their bank accounts are hacked. Customers vulnerable to hacking could also be locked out of vital online banking services under the proposals, the Financial Times reported on Wednesday.
Cyber security challenges in financial sector
In a climate of ever-evolving cyber threats, UK authorities have become increasingly concerned about the damage cybercriminals could wreak over Britain’s national and economic security. Banks are also worried about fraud losses mounting on their books.
High street banks and other financial institutions generally compensate customers who are victims of cyber fraud, irrespective of who bears responsibility for exploited security risks. As a result, shifting the burden onto customers’ shoulders while financial actors and regulators escape responsibility could prove controversial.
British spy base and cyber security hub GCHQ is reportedly encouraging banks and other private sector businesses to take their cyber defense strategies more seriously. The agency wants private sector firms to encourage customers to bolster their online protection. It has also informed banks that customers’ lax security leaves them open to criminal hackers and is counter-productive to any cyber defense strategy.
In addition to this, GCHQ reportedly refuses to take responsibility for problems in the financial sector born of poor oversight and lackluster digital security.
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