{"id":48781,"date":"2014-03-20T21:13:39","date_gmt":"2014-03-21T01:13:39","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=48781"},"modified":"2014-03-20T21:13:39","modified_gmt":"2014-03-21T01:13:39","slug":"data-security-a-new-kind-of-safe-haven-in-switzerland","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2014\/03\/20\/data-security-a-new-kind-of-safe-haven-in-switzerland\/","title":{"rendered":"Data Security, A New Kind of Safe Haven in Switzerland"},"content":{"rendered":"

By MoneyMorning.com.au<\/u><\/a><\/p>\n

The Swiss<\/strong> are famous.<\/p>\n

For watches.<\/p>\n

For chocolate.<\/p>\n

For cheese.<\/p>\n

And for their secretive banking system. Or they used to be anyway. That was until the US bullied it into spilling the beans on thousands of private bank accounts.<\/p>\n

Now the Swiss have their eyes on a new industry – data security<\/strong>. And like all things Swiss, they don’t plan to do things by halves…<\/p>\n

For years people have been worried about cyber security<\/a>.<\/p>\n

You’ve probably got Norton Antivirus or something similar on your PC at home.<\/p>\n

Most of the fear was due to the potential for harm from malicious software (malware). Then there was the fear about crooks stealing your credit card or bank account details.<\/p>\n

But in recent years the fear has moved on to a new level: the fear of the government spying on everything you do. The fear heightened after Edward Snowden dished the dirt on the US National Security Agency (NSA).<\/p>\n

Now consumers and businesses are fighting back…from 913 metres below ground.<\/p>\n

Underground Data Protection<\/h2>\n<\/p>\n

Take this from the MIT Technology Review:<\/p>\n

\n

‘There is data security, and then there is Swiss data security<\/strong>.<\/em><\/p>\n

‘The difference was explained to me by Stephan Grouitch in a conference room deep within a mountain in the Swiss Alps, lit by a subterranean buzz of fluorescent lights. To get to here, under more than 3,000 feet of stone and earth, I showed my passport (something I didn’t have to do to enter the country from Germany), had my finger scanned repeatedly, and passed under security cameras and motion detectors. A blast door, thicker than my forearm is long, is said to protect this old Cold War bunker against a 20-megaton bomb.<\/em>‘<\/p>\n<\/blockquote>\n

We said the Swiss don’t do things by halves. If you’ve ever seen the inner workings of a fine Swiss watch you’ll know all about their attention to detail.<\/p>\n

The same apparently goes for data security, just on a much bigger scale.<\/p>\n

The important thing about this story isn’t so much that the Swiss are getting into the market for cyber security. The important aspect is that they feel the need<\/em> to get into the market.<\/p>\n

A few weeks ago German chancellor Angela Merkel even proposed that Europe develop its own internet and email system that didn’t route traffic via servers in the US. As if that will stop the US from snooping.<\/p>\n

But again, it’s symbolic that the German chancellor would even publicise such a position.<\/p>\n

And even more importantly it shows you that the biggest threat to your security isn’t necessarily some kind of online mafia or organised crime gang…or even troublesome youth (or young adult). The biggest threat to your online security is just as likely to come from government organisations.<\/p>\n

If you want proof, check out this story from America’s ABC News<\/em>:<\/p>\n

\n

‘In a private area within the Churchill War Rooms, a complex of underground offices originally built to protect top officials from Nazi bombs, 42 contestants were clustered around seven tables amid the crimson glow of red diodes. Staff from BT, British signals intelligence agency GCHQ and other companies paced the floor as the youngsters parsed code and tracked packets of data across an imaginary network.<\/em><\/p>\n

‘The exercise, formally known as the Cyber Security Challenge, is one of a series of Internet security initiatives that have recently won increased funding as the U.K. government has begun disbursing 860 million pounds ($1.4 billion) into the field.<\/em>‘<\/p>\n<\/blockquote>\n

Who do you think will get ‘first dibs’ on the winner? A private sector firm or the government? It’s a no brainer.<\/p>\n

The Cyber Security Market Can Only Grow<\/h2>\n<\/p>\n

Not only do cyber security<\/strong> firms have to face the challenge of fighting malware from renegade operators, they have to fight against the bottomless pockets of government spy agencies.<\/p>\n

No wonder this is turning into such a big industry. Tech analyst Sam Volkering has been onto this story for the past year, picking two stocks he reckons have the most to gain.<\/a> To be honest, if it wasn’t for Sam’s insights we wouldn’t have paid half as much attention to these developments.<\/p>\n

The bigger picture issue is what impact government snooping will have on the internet. Will it have no impact? Or will it have such a huge impact that people stop using the public internet?<\/p>\n

Well, the latter doesn’t seem likely. Unfortunately, most people seem to approve of government snooping. Or at the least they don’t object to it. The fact that the UK’s big spy agency is openly holding what is clearly a ‘veiled’ recruitment drive is proof of that.<\/p>\n

The world has come a long way from when the spy agencies would roam the corridors of Oxford and Cambridge Universities seeking to recruit stiff-collared toffs into the ‘business’.<\/p>\n

Now they’ll advertise – online – and offer prizes. All for the opportunity to become a tech-spy. It’s a worrying trend. We’re looking forward to security expert John Robb’s view on this at the World War D conference<\/a> in a week-and-a-half.<\/p>\n

But where there’s trouble there’s usually also the chance to make money. That may seem an odd attitude to take. But there are companies doing their darnedest to stop or hinder the government snoopers and hackers. As instances of government hacking grow it makes sense that there will be a greater demand for private security firms to stop them.<\/a><\/p>\n

Cheers,
\n Kris+<\/a><\/strong><\/p>\n

From the Port Phillip Publishing Library<\/em><\/strong> <\/p>\n

Special Report: Mining Boom Act II<\/a><\/p>\n<\/p>\n

Join Money Morning on Google+ <\/u><\/a><\/strong><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n


\nBy MoneyMorning.com.au<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By MoneyMorning.com.au The Swiss are famous. For watches. For chocolate. For cheese. And for their secretive banking system. Or they used to be anyway. That was until the US bullied it into spilling the beans on thousands of private bank accounts. Now the Swiss have their eyes on a new industry – data security. And … <\/p>\n

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