Tag Archives: international monetary fund

IMF Becomes Latest Hacking Victim

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The IMF has become the latest major organisation to be targeted by a sophisticated cyber-attack.  The attack which started earlier this year was designed to install software creating a, ‘digital insider presence’. An internal IMF email revealed that, ‘suspicious file transfers had been detected’. According to the New York Times emails and other sensitive documents were hacked into.

The attack is believed to have taken place over several months. The IMF was reluctant to give details about the attack but they did confirm an incident was being investigated. They also said the fund remained fully active. However, according to the Metro, one unnamed IT official at the organisation described the attack as a ‘very major breach’. Cyber security experts have speculated that a foreign government is behind the attack.

The attack follows similar incidents at Sony, Google and Citigroup during the last few months. The FBI has said it is planning a major step up in efforts to combat cyber-attacks. CIA director Leon Panetta told the US congress earlier this week that he fears a major cyber-attack which cuts off power, security and government systems.

 

Next IMF Head – Brown vs Lagarde: Why We Should Stop Feeling Sorry For Brown

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As I came home on the train today, I found the Evening Standard filled with articles questioning why Gordon Brown hasn’t been put forward by Britain to be head of the IMF. http://www.thisislondon.co.uk/standard/article-23952636-we-have-muffed-our-chance-to-lead-the-world.do

George Osborne has now backed the French favourite to secure the job, Christine Lagarde.

The paper’s tone suggests we should be being more patriotic. ‘The French know how to look after their own,” it says, referring to Lagarde. I’m disappointed with the paper’s view and the justification for it. Trying to raise nationalist feelings is a low blow, particularly in this time of crisis.

The Eurozone debt crisis is once again rearing its ugly head. We can’t afford such petty nationalist feelings. It is in fact very much in the UK’s interest that a European candidate takes the top job.

Lagarde is now the overwhelming favourite precisely because Europe has united behind her, putting common interest first. Other economic regions have failed to unite behind one candidate.

As the Standard itself even highlights, Brown has a host of failings.

Brown was heavily responsible for the recession (despite his continued efforts to blame world markets). It was he who oversaw the nation’s finances for over a decade as a chancellor. He who oversaw the colossal rise in government spending and it was he who failed to properly regulate the banking industry.

You can blame the global markets all you want, but countries such as Germany, Australia and Canada have coped perfectly well with the crisis. There’s no doubt Britain was not alone in its mistakes and many other countries have suffered as well, but in my mind that does not excuse Brown, who, we should also remember, inherited a budget surplus when he came to power.

When it was convenient, Brown ditched his famous, ‘golden rules’. Why? Because Brown was always a politician. He did it for political reasons. People forget his role in helping take the UK into the European Exchange Rate Mechanism. Is he partly responsible for the previous recession as well?

It’s simple really. Brown would never get the post even if Britain did back him because he has a record of failure. We should take the best and only viable European candidate we have and support her all we can.