Hackers Cry Wolf on May Day 2001

press release

London, UK - 26th April 2001, 0800 GMT - The arrival of hacktivism, political activists who protest online, and the growth of the professional protestor has increased the pressure on financial services groups to give in to the demands of protestors.

On May Day 2001 the earlier protests in Seattle, Davos and Quebec will arrive on the streets of London as The City braces itself for a day of anarchy. Yet again the media is warning of the dangers of anti-capitalist hackers targeting institutions and the ensuing mayhem as the financial infrastructure comes under stress. However statistics over comparable protest periods in June 1999 and May 2000 have shown that there has not been any significant increase in deep intrusion activity.

Financial services groups should be more concerned about the everyday hacker assault. The significant increase in the number of reported attacks (intrusion, denial of service, virus attack) may be the tip of the iceberg when unreported attacks are taken into account. This was highlighted at the launch of the new National Hi-Tech Crime Unit (NHTCU), after their officers tracked several hackers who had successfully made attacks on four internet banks

The arrival of the "professional" criminal into this lucrative area, the introduction of increasingly complex networks coupled with the economic slowdown and disgruntled employees could prove to be a Molotov cocktail. "Online Security is not just about May Day but a 24 by 7, 365 days a year issue", said DK Matai, Managing Director of mi2g software. "Hacktivism is just one facet of internet crime."

The Achilles heel of a publicly listed company is its share price. The damage that internet breaches can have on share price and market capitalization can be heightened in volatile markets. Companies that do not have a coherent online security policy based on technology, legal issues, human resources and insurance are vulnerable.

Coincidentally, Chinese hackers have chosen to "bring the Western Hemisphere to its knees" during the first week of May by declaring cyber war on US interests in retaliation for the downing of one of their combat aircraft last month and in celebration of two patriotic national holidays in China including Qingnian Jie (Youth Day) on 4th May. This, in the past, has included attacks on open and proprietary systems.

About mi2g:

mi2g software works with financial services groups, both large and small, to change and eEnable their entire business. We automate our clients' business in such a way that they and their customers can use the World Wide Web both to increase their business volume and reduce their overall cost base.

mi2g eBusiness Solutions Engineering pays particular regard to security and advises on the management of eRisk, which incorporates Bespoke Security Architecture. mi2g's clients are mainly from the banking, insurance and reinsurance sectors.

What is Bespoke Security Architecture?

Most organisations believe that a firewall is enough to secure their sites. Bespoke security architecture brings together firewall layers, intrusion detection and other defensive structures, as well as automated intelligence techniques with legal, human resource and insurance policies.

What is eRisk Management?

eRisk Management deals with a variety of issues. associated with implementing an eBusiness. fully integrated with legacy IT systems. It includes selecting the optimum. technology set, managing external partners and. alliances, linking payments to targets, defining. rigorous quality control procedures, managing. the growth in online traffic post launch, achieving. the expected return on investment, and bringing. about the changes in the corporate culture. required for successful and secure eBusiness.

First contact for additional information - Intelligence Unit, mi2g

Telephone: +44 (0) 20 7924 3010 - Facsimile: +44 (0) 20 7924 3310 - eMail: intelligence.unit@mi2g.com

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