Security breach at IMF heightens need for cyber security legislation

News Article - 22 June 2011
Category: Technology

A recent security breach at the International Monetary Fund (IMF) has underlined the need for legislation on cyber security, according to a privacy, data protection and data security lawyer.

The IMF revealed it was targeted by a sophisticated cyber-attack earlier this year, with security officials indicating the hack was designed to install software to develop a digital insider presence within the IMF.

David Beesley, managing director of consultancy Network Defence, believes spear phishing is difficult for major organisations to guard against as such operations target users rather than PCs, with attackers able to use social networking sites to gather information using convincing phishing e-mails.

"Really, firms need to use a mix of user education and layered security solutions to defend themselves. Employees should be aware that even plausible-looking e-mails should be treated with suspicion, and IT teams should look at their AV and anti-spam solutions to try and stop malware propagating.

"Using web proxies can stop executables and exploit code from reaching desktops, and intrusion detection systems can help spot unusual data traffic movements," said Mr Beesley.

The attack on the IMF has raised concerns that further critical national infrastructure (CNI) organisations will be targeted with similarly threatening cyber-attacks.

Not only has the attack raised concerns about future raids, but it has also prompted experts to question when politicians will react to pass general legislation for cyber security.

According to Stewart Room, partner at London law firm Field Fisher Waterhouse, this is desperately needed in order to outline a general obligation for security against cyber-attacks.

Consequently, people or organisations in control of sensitive data, and computer and communications systems would ultimately become responsible for assuring resilience to prevent harm to national interests, society, the economy or individuals.

Article keywords: Security breach, International Monetary Fund, cyber security, data privacy, data security, David Beesley, Network Defence, Stewart Room, Field Fisher Waterhouse

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