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. 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 British
banks to reevaluate their function as trusted protectors of wealth. In the City of London the
capital's oldest area and historically its business and commerce hub the colossal clearing
banks employed newly commercialised electronic 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 the way that banks and
other financial institutions conducted business and interacted with each other and permanently
altering the speed and scale at which the United Kingdom's financial sector functioned this
rapid modernisation thrust computer security into the consciousness of bank executives and
their clients alike. Dependence on computers quickly grew and the banks immediately realised
the need to secure their new software and hardware. 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. 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 and the concept of resilience Presents case studies of bank
collaboration on computer security through creation of payment systems like SWIFT and CHAPS
Outlines the shift from focusing on physical security measures to technical network-protection
measures Explores the relationship between banks and the UK Government as bank operations
became dependent on computer and network technology This work will be of value to students and
academic researchers in the history of computing financial history and the history of
intelligence and security as well as the general reader interested in contemporary
intelligence cyber security and finance.
