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(Oct 05, 2009) Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would be those with fewer than ten employees and that do not exceed a set level of income; these businesses represent 90 percent of the companies in the country. Banks are at present required to compensate private, but not corporate, account holders for all losses after a 1,200 kroner deductible. (Banks Oppose Computer Crime Law Proposal
COPENHAGEN POST, Sept. 29, 2009, available at http://www.cphpost.d

Danish banks have objected to the proposal, fearing that the costs would be extreme, even though the rate of losses due to computer hacking has been lower in Denmark than elsewhere. (Id.)

Tina Füssel, the Vice-President of the Financial Supervisory Authority, noted that information technology security is the responsibility of the banks, but still opposed the plan, calling it "unfair." She went on to say that criminals "can attack on other fronts than internet banking. … We need to see computer criminality as society's problem, not a bank problem." (Id.)

Author: Constance Johnson More by this author
Topic: Banks and financial institutions More on this topic
Jurisdiction: Denmark More about this jurisdiction

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Last updated: 10/05/2009