New book claims
Internet banking is unsafe, according to a new book which
has hit the streets "Fatal System Error: The Hunt for the New Crime Lords
Who are Bringing Down the Internet” was penned by Joseph Menn, who reports on
cyber security for the Financial Times.
Menn said that the banks are stuck because they've been
telling people it's safe, and the fraud they're on the hook for has gone up
four-fold in six months. Menn warned that the Internet was not designed with
security in mind. He says it's fine for YouTube.
He claimed that serious financial, commercial, or
government related needed to be on a different ultra secure network. He said we need different protocols, different ways for
computers to talk to each other that do not rely on openness and trust.
In his book Menn looks at the link between private and
government cyber-crime and charges both Russia and China with protecting and
profiting from this $1 trillion industry. Menn said it is important to stop pretending that the
Russians are our friends in this and all other things.