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Last updated on April 16, 2014 at 17:34 EDT

Georgian and US Banks may Face Fines for Not Protecting Networks

February 28, 2012

LONDON, February 28, 2012 /PRNewswire/ –

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
[http://www.cyber-securityevent.com/redForms.aspx?id=677612&pdf_form=1 ].

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

SOURCE IQPC


Source: PR Newswire