Cyber threats
It would appear that we can now suffer far greater losses from bank fraud and cybercrime than any direct military threat.
Estimates from City analysts on Barclays’ manipulation of Libor suggest its traders could have made up to £500 million a day.
Advertisement
Hide AdAdvertisement
Hide AdAccording to the Financial Services Authority reports, this activity continued for more than 170 separate instances/days.
Losses from this activity to our economy could, therefore, have exceeded £80 billion, making it the largest fraud in history – and we have not seen the full picture, nor has there been a single arrest or prosecution yet.
Astonishingly, it is likely the first prosecution will be in Scotland as our law is elegant and easy to administer, and, unlike in England, a criminal investigation has begun here.
Meanwhile, the Serious Fraud Office in London has been emasculated by large budgetary cuts.
What are the priorities for our security when these losses have been allowed to happen?
Elizabeth Marshall
Western Harbour Midway
Edinburgh