Cyber and the City: Securing London's Banks in the Computer Age

Cyber security is the greatest risk faced by financial institutions today, a risk they have understood and managed for decades longer than is commonly understood. This book uses newly released and previously unexplored archival material to trace the origins of cyber security in the UK financial sector, focusing on the period 1960 to 1990. It demonstrates continuity in banks' views of security through the prism of confidentiality, integrity, and availability, and the concept of resilience. It also presents case studies of bank collaboration on computer security through the creation of payment systems like SWIFT and CHAPS, and outlines the shift from focusing on physical security measures to technical network-protection measures.

Format: Hardback
Length: 230 pages
Publication date: 26 July 2022
Publisher: Springer International Publishing AG

Cyber security poses a significant threat to financial institutions, a risk that has been recognized and managed for decades longer than commonly assumed. Since the early 1960s, when major London banks acquired their first computers, they have had to strike a delicate balance between their reliance on these machines and the imperative of ensuring the security of their operations and maintaining the trust of their customers.

The technological advancements of the second half of the 20th century prompted British banks to reassess their role as trusted guardians of wealth. In the heart of the City of London, the oldest and historically bustling area, the colossal clearing banks deployed newly commercialized electronic computers, possessing processing power that could revolutionize the highly clerical clearing and settlement process. What followed over the next three decades was an relentless drive for modernization. This transformative wave reshaped the way banks and other financial institutions conducted business, interfaced with each other, and fundamentally altered the speed and scale of the United Kingdom's financial sector.

The reliance on computers grew rapidly, and the banks swiftly recognized the need to safeguard their new software and hardware. During the period spanning from 1960 to 1990, this book employs newly released and previously unexplored archival material to trace the origins of cyber security in the UK financial sector.

Topics and features:

• Describes how institutions managed the evolving challenge of computer security in the second half of the 20th century.
• Demonstrates continuity in banks' views of security through the prism of confidentiality, integrity, and availability.
• Explores the evolution of security protocols, technologies, and practices within the UK financial sector.
• Sheds light on the key individuals, organizations, and events that shaped the development of cyber security in the UK.
• Offers insights into the challenges and opportunities faced by financial institutions in the digital age.
• Provides a valuable reference for scholars, researchers, policymakers, and industry professionals interested in understanding the history and evolution of cyber security in the financial sector.

Weight: 520g
Dimension: 163 x 241 x 20 (mm)
ISBN-13: 9783031079320
Edition number: 1st ed. 2022