13 August 2007
The House of Lords Science and Technology Committee has released a new report calling for a major overhaul of current UK Internet security practices.
The report could lead to a major review of online security practices and recommends that a central web based e-crime reporting system and security breach notification law be introduced. Furthermore the review could lead to a potential for IT security vendors to be held liable for security breeches and banks be held liable for losses as a result of online fraud.
Last year, losses from online fraud were around £33.5m, however, given the fact that the UK’s e-commerce market is expected to reach a value of £42bn in 2007, it looks as if there is still sufficient time to add safeguards to the market.
Paul Davie, founder of UK database security expert Secerno said,
On almost a weekly basis, the organisations that we trust with our personal information and hard-earned cash - banks, healthcare institutions and utilities, to name but a few, are being cracked by hackers.
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