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German watchdog to probe online bank security
From: InfoSec News <isn () C4I ORG>
Date: Fri, 19 Jan 2001 01:23:25 -0600
http://www.timesofindia.com/today/19info31.htm 19 January 2001 FRANKFURT: Germany's banking watchdogs on Thursday said they have launched a security check at some of Europe's largest Internet banks and brokers as the threat from hackers or electronic theft increases. The check of banks' electronic defenses will be run by a three-part team including the German central bank the Bundesbank, the Federal Banking Regulatory Agency BAKred, and the Interior Ministry's special unit for computer security BSI. ``The reason for this is the huge advances in the personal computer, the Internet and electronic banking,'' said a BAKred spokeswoman. ``There has not been a specific instance where something has gone wrong.'' The watchdogs will target the biggest banks and brokers who conduct a large portion of their business over the Internet. Germany is home to Europe's biggest Internet brokers, comdirect bank AG, Consors Discount-Broker AG, and Direkt Anlage Bank AG. ``Communication between the bank and its client over the open network of the Internet carries with it the danger that sensitive data could be spied upon, falsified, destroyed or misused,'' BAKred said in a statement. ``System break-ins or virus attacks on e-banking could influence clients' trust in secure electronic settlements over the long term,'' the watchdog added. BAKred said it planned to meet with 10 of Germany's leading electronic banks by the autumn but declined to name names. ``If serious deficiencies are discovered, then it will first be discussed. It is a new field so we won't jump right in with sanctions, rather, they will first be given the chance to improve things,'' the spokeswoman said. (Reuters) ISN is hosted by SecurityFocus.com --- To unsubscribe email LISTSERV () SecurityFocus com with a message body of "SIGNOFF ISN".
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