Cyber security is the greatest risk faced by financial institutions today. Ever since the major London banks purchased their first computers in the early 1960s, they have had to balance their dependence on those machines with the need to secure their operations and retain the trust of their customers. Technological change in the second half of the 20th century prompted UK banks to reevaluate their function as trusted protectors of wealth. In the City of London, historically the capital's business and commerce hub, the huge clearing banks employed newly commercialised computers—the processing power of which could transform the highly clerical clearing and settlement process. What unfolded over the following three decades was a relentless modernisation drive. Revolutionising and permanently altering the speed and scale at which the UK’s financial sector functioned, this rapid modernisation thrust computer (hardware and software) security into the consciousness of bank executives and clients alike. Focusing on the period 1960 to 1990, this book uses newly released and previously unexplored archival material to trace the origins of cyber security in the UK financial sector.
Author(s): Ashley Sweetman
Series: History Of Computing
Edition: 1
Publisher: Springer
Year: 2022
Language: English
Commentary: TruePDF
Pages: 231
Tags: History Of Computing; Computer Crime; Financial Services
Acknowledgements
Contents
Chapter 1: Introduction
Security and Trust
“Cyber” in Context
Modernisation Drive
Automation and Security
Computer Security and History
Early Computer Security
Consolidation
Networked Dependency
Consistency
City Security in Context
Chapter Outline
Questions
Research Methods & Sources
Chapter 2: The London Clearing Banks and Computer Security: 1960–1977
War and Automation
Committee of London Clearing Bankers
Computerisation in Banks
Practicalities
Progression
Future Ambition
Difficulties
The Bank of England’s Computers
Bank of England & Private Sector
Whitehall
The Actualities of Automation
Security & Vulnerability
Mitigating Risk
The Threat from Outsiders
Internal Auditing: Learning from America
The Banker-Customer Relationship
Code of Conduct
Conclusion
Chapter 3: BACS: 1971–1980
“What Are the Advantages?”
Rotating Inspections
Operations Security
Access Control
1974: Progress?
Contingency Centre
Awareness
Access Controlled?
Growth & Security
Through the Roof?
Assuming Greater Importance
Technicality & Security
Investment in Security
Defending Two Fronts
Developing Trust
Chapter 4: SWIFT: 1972–1984
Motivation
SWIFT: Case Study in International Collaboration
Scoping the Project
Security in Development
Security and Cryptography
Discussion & Dissent
Approaching Launch
External Audit
Progress?
SWIFT in Operation: Breakdowns
Ongoing Security
Fraud
Integrity Problem
Continuous Threats
Chapter 5: Consolidating Growth: 1978–1985
The Potential for Fraud
Government Takes Notice
Government and Industry
Data
Context: Wider Impacts of Technology
Dependency and Contingency
Midland: Contingency
Speed of Change
Midland Bank: Midnet
Bank of Scotland: Computer Network
Trustee Savings Bank: Computer Network
Primed for Innovation
Chapter 6: CHAPS: 1972–1984
CHAPS
Structure
Sub-Chapter One: 1972–1975
Origins of CHAPS: Competition
CHAPS: European Competition
SOVEREIGN
CHAPS: Early Development
Reassurance for Banks
Security & Control in CHAPS
Logica: Physical Security
Security Versus Cost
Rising Costs vs. Security
Decision Time
Sub-Chapter Two: 1976–1979
Payment Notification
Physical & Technological Security
A Security Assessment
System Security
Data Integrity
System Resilience & Fall-Back
Contingency
Encryption
Fraud
Sub-Chapter Three: 1980–1985
CHAPS II
Continuity
CHAPS in Banks
The CHAPS II System
CHAPS II: Implementation
Security and Reliability
Reception
Early Failures
CHAPS Uses
Conclusion
Chapter 7: Hacking It: 1985–1995
Managing the Press
Impenetrable
Planning for the Inevitable
Technological Advancement
Barclays: Security Snapshot
Barclays: Protective Measures
Barclays: Software
Taking Stock
Computer Viruses
Doomsday Scenarios
Entrenched Understanding
Computer Security as a Business Fundamental
Conclusion
Defining Computer Security
Perceived Threats
Mitigation Measures
Wider Considerations
Further Research
Contemporary Relevance
Bibliography
Archival Material
Barclays Files:
Bank of England Files:
HSBC Files:
Lloyds Files:
London Metropolitan Archive Files:
Royal Bank of Scotland Files:
The National Archives Files:
Published Sources
Journal Articles
Chapters in Edited Collections
Newspapers & Magazines
Online Sources
Other
