Forwarded from the Hettinga lists. JMR --- begin forwarded text
Status: U Date: Tue, 09 Oct 2001 14:06:56 -0500 To: [EMAIL PROTECTED] From: Skywave News Service <[EMAIL PROTECTED]> (by way of [EMAIL PROTECTED]) Subject: ip: Euro Stirs Y2K-Like Concerns (1 of 2) http://www.wired.com/news/business/0,1367,47252,00.html Euro Stirs Y2K-Like Concerns By Dermot McGrath 2:00 a.m. Oct. 9, 2001 PDT PARIS -- Introducing a new currency may not be the kind of event to inspire Hollywood blockbusters, but security experts and intelligence agencies warn that the arrival of the euro in January 2002 has the potential for at least a B-grade disaster movie. Denial-of-service attacks, rampant viruses, terrorist atrocities, cyber-fraud and money-laundering are just some of the sinister scenarios that euro program managers are having to factor in to their contingency plans for the currency changeover. No one has mentioned a plague of locusts -– for the moment. "At the time of the recent terror attacks, most enterprises had just about finalized their preparations for the euro changeover," said Nick Jones, an analyst and euro implementation expert with the Gartner Group. "Now the landscape in which this final changeover will occur has changed drastically and enterprises must revise their plans accordingly." Jones claims that a similar terrorist attack in Europe during the euro transition could be particularly disruptive, as could the consequences of an actual war. "The introduction of the euro is unprecedented in economic terms, and it would be naive to think that there won't be individuals or groups who could try to take advantage of the inevitable confusion stemming from the phasing out of national currencies," Jones said. While cyber terrorism is not believed to be a major threat come next January, denial-of-service or virus attacks targeting Europe's financial infrastructure and high-profile organizations cannot be ruled out, Jones warned. "Enterprises should be prepared for every eventuality," Jones said. "One can just imagine the potential for chaos if Europe was struck by denial-of-service attacks or a virus like the Nimda worm at exactly the time that financial institutions and corporations are depending heavily on their computer systems. Data could become corrupted during a conversion, the unavailability of a trading partner's website could prevent end-to-end testing, or enterprise websites for providing changeover information to customers and employees could go down," he said. Noel Hepworth, euro project director with the European Federation of Accountants (FEE) said that the large number of enterprises -– estimated at between 20 percent and 40 percent -- that had left their euro conversion projects until the last minute was a source of concern. "Viruses or denial-of-service attacks are undoubtedly a worry, but I think the lack of preparedness from companies is the biggest threat to a smooth changeover," Hepworth said. "This obviously has serious repercussions for trade and commerce. These enterprises will be more vulnerable to whatever problems might arise in the initial changeover period, since they'll be too busy firefighting to worry about some of the wider concerns of the euro changeover." Dennis Keeling, chief executive of BASDA, the Business Application Software Developers Association, stressed the need for all companies who do business in Europe to remain vigilant. "Any company trading with the euro-zone over the next few months will need to be cautious, particularly if its customers or suppliers are not already using the euro as a trading currency," Keeling said. "The many businesses unprepared for the changeover risk collapse, perhaps taking their trading partners’ money with them." Others have warned about the massive potential for fraud when the euro makes its official appearance in the new year. "The introduction of the euro represents a golden opportunity for organized crime," said John Abbott, director general of Great Britain’s National Criminal Intelligence Service (NCIS). "During conversion, from 1 January 2002 to midway through the year, criminals will exploit public, commercial and institutional confusion to their advantage." Jay Valentine, ex-CEO of Infoglide Software, knows a thing or two about the sophistication of online fraudsters; he led the team that built the real-time cyber-fraud system for auction house eBay. He says that cyber criminals will be rubbing their hands with glee at the prospect of the euro changeover. 1 of 2 Next >> --- end forwarded text -- ----------------- R. A. Hettinga <mailto: [EMAIL PROTECTED]> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Did you know that e-metal is a wonderful holiday gift? Avoid the hassle this year!
