back to article Eurogeddon? Pah. UK banks are more terrified of hackers - big banker

Hacking attacks present a bigger risk to the operation of UK banks than problems caused by the ongoing eurozone crisis, according to a senior Bank of England director. Andrew Haldane, the BoE's director of financial stability, told parliament's Treasury Select Committee that representatives of Britain's top banks are telling him …

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Anonymous Coward

Re: Banks are rewarded for failure

It used to be the customers who lost their money, the bankers had time to hide their money. Call it what you want.

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FAIL

Re: Banks are rewarded for failure

No, Eadon, it's *still* a capitalist system, it's just that the capitalists have rejigged the rules to eliminate risk to themselves and to enable them to hold a gun to the head of everyone else if the numbers don't add up the way they like.

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Anonymous Coward

Re: Banks are rewarded for failure

Hmm... To listen to Eadon on another EU/Socialist rant, or not? A man who thinks that Linux is a capitalist OS, despite much of the work for it being socialised and done for free...

I think I'll pass on your wisdom this time.

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Re: Banks are rewarded for failure

It's capitalist for the poor (they can lose everything "why should my taxes be wasted on people who can't manage their money"), but socialist for the rich (because if they start to struggle they are paid benefits, "a safety net, to allow them to get back on their feet")

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Silver badge

Re: Banks are rewarded for failure

Actually, GNU/Linux is a capitalist (or, at least, free market) system. Because it is based on open standards, if you don't provide the best quality/service, user can drop you pretty quickly. Can't do that with Windows or OS X due to lock-in.

Which is why they have the lock-in!

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Anonymous Coward

Re: Banks are rewarded for failure

Open standards are neither capitalist nor socialist, they're just a thing. That's like saying petrol is capitalist or socialist because it can be used in all cars. ie: It doesn't make sense.

Lots of people getting together and building software, giving their time/work for free and then allowing the software to be given away for free, gratis, is clearly a socialist action. I personally don't attribute the suspicion to socialist actions which some seem to, particularly in the US or the more knee jerky political parties in UK, such as UKIP. That said, I don't think it's inherently better or worse, it depends from product to product.

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Devil

Re: Banks are rewarded for failure

" the socialists think that the banks are capitalist but the opposite is true."

It's actually a hybrid system. Profits are privatised, losses are nationalised

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Re: Banks are rewarded for failure

Open standards enable direct competition and foster a free market (or capitalist, if you prefer) system. GNU/Linux is not a single operation of a single controlling mind (as Windows and OS X are). Whilst it does have a the concept of community; those communities often compete.

If one community isn't doing the job well enough, it will atrophy and die. e.g. Mandriva. Or the migration from Ubuntu to Linux Mint, or....

In a way, the most communal of development systems fosters the most competitive of development systems.

There is nothing stopping anyone, right now, taking the entire Linux kernel stack and forking to enter direct competition. In fact, that's pretty much what Google did for a bit.

If you are used to the Windows/OS X diktat environment, actual competition comes as something of a shock and often gets F/OSS given a "socialist" label. It may will be "social", but is as far as from "socialist". Only the fittest survives.

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Re: Banks are rewarded for failure

"Cost externalisation" is the name of the game.

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Holmes

I would like to think that the Banks are spending some of their 'hard earned' cash (of mine) on protecting their 'crown jewels' by having an agreement in place with the likes of Prolexic, Akamai etc to negate DDoS and 'defence in depth' for APTs/hacks.

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Anonymous Coward

What a wunch ..

Bugger hackers, the biggest risk to the operation of banks are the fucking bankers themselves.

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Thumb Up

Re: What a wunch ..

This would be an example of the Chewhacker defence - "Never mind the incompetent bankers, look at the hacker! Look at the evil hacker!"

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FAIL

"Banks are really IT companies that just happen to do banking"

this was stated last year, after the NatWest fiasco. Was anyone listening ?

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Re: "Banks are really IT companies that just happen to do banking"

The pity is that for too long they did both rather too badly.

They make the old NCB, (National Coal Board) look almost OK, (they were a pension fund with a few mineral extraction operations).

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I thought they'd mostly fear...

...actual regulation and the closing to tax evasion loopholes.

Oh wait...Tory and Labour....not going to happen.

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FAIL

EADON you are the class fool.

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FAIL

Might help

if the bank did'nt cut their IT departments to the bone, then offshore the rest

Then a simple upgrade to a key system would'nt bring the whole system to a crashing halt when someone pressed the abort button

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Anonymous Coward

Banks are cheap dates....

None I've ever banked with and that's in several countries, have ever offered a range of security options depending on your preference for robustness. I'd be happy to use a Dongle-Token and an LCD-Token. But oh no! Instead my main bank's crappy system is no longer even asking me for the two-factor security challenge question anymore! Why is that? I asked them but they never reply. My guess is, they are using 'Super-Cookies; Which of course is great if you're also using public computers travelling. Great security!

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WTF?

Collapsing currency?

What collapsing currency?

http://www.xe.com/currencycharts/?from=EUR&to=USD&view=5Y

http://www.xe.com/currencycharts/?from=EUR&to=GBP&view=5Y

http://www.xe.com/currencycharts/?from=EUR&to=JPY&view=5Y

Sorry, just can't see any collapse there.

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Re: Collapsing currency?

You are looking in the wrong place. Banks do not invest money in currency, they invest in bonds, equities etc. Now check how Greek, Italian, Spanish etc. bonds fared in last 5 years. Yes of course there is currency element to risk of offshore investment but, as you noted, that haven't quite played yet.

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Re: Collapsing currency?

"Banks do not invest money in currency"

I don't think you understand the Forex market at all then.

Banks buy and sell currencies all day long, in fact you could almost say that they were 'market makers'.

No-one invests in currency unless you're taking a long position in the carry trade. You buy low and sell high, it's as simple as that.

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Comedy is sometimes so true

http://www.youtube.com/watch?v=CS9ptA3Ya9E

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