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Peace Foundation: G20 contract to restrict state hackers

Thursday, January 18th, 2018 | bitcoin updates

    G20 meeting in the Kremlin (2013)
                (Photo: kremlin.ru CC BY 4.0)
             The G20 countries should commit to not manipulating the global financial system. This is proposed by the Carnegie Foundation for International Peace. After all, there would be the greatest similarities in terms of money.


        In a multilateral agreement, the EU and the other G20 members should pledge not to compromise the integrity of financial data by attacking IT systems. Other states could then join the agreement. This proposal by the Carnegie Foundation for International Peace has been presented by the Palatine political scientist Tim Maurer on Wednesday at the Usenix Enigma conference.


          19 states and the EU form the G20. Argentina is currently chairing.
    "The global financial system is different from all other global infrastructures," explained Maurer, "[Beim Geld] states have more common interests." Apart from North Korea and sometimes Iran, few regimes would want to disturb the global financial system. Moreover, the financial system is linked to all other systems. Failures or malfunctions could therefore have a domino effect, according to Maurer. He is co-director of the Foundation's Cyber ​​Policy Initiative.
In addition to the ban on hacking, the agreement is intended to have three other pillars: a commitment to cooperate in the event of discovered manipulation, avoiding hacking deputies, and the provision of systems for verifying and enforcing data integrity. "Many such systems are already in use at the financial institutions," said Maurer, which is why there would be little additional effort required.
No Prohibition of Spying A ban on espionage would not be included in the proposed contract. "That would either deter states from joining or sticking to the agreement," Maurer said. The decisive factor was that the critical IT systems of finance continued to run.


          Tim Maurer, co-director of the Cyber ​​Policy Initiative, Carnegie Endowment for International Peace, at the Usenix Enigma 2018
          (Photo: Daniel AJ Sokolov)

    Also cryptocurrencies are not present in the proposal for the time being. "This is still too immature technology," says Maurer, "but the last few months have been very interesting, big financial institutions are interested in cryptocurrencies, and the coming months will show how states deal with them."
The German is convinced that his advance has a chance of success. Twenty states have already expressed similar intentions in the United Nations, and even the G20 in July even acknowledged in the Hamburg Action Plan that the malicious use of information and communication technology could jeopardize financial stability.
Usenix Enigma 2018Usenix Enigma is an annual conference that addresses current and emerging threats at the interface of society and technology. It takes place this week with over 400 participants in Santa Clara, California. It is the third edition of the event.
Read also reports from the Usenix Enigma 2017:


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