Kawika Daguio on Fri, 28 May 1999 22:23:27 +0200 (CEST)

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<nettime> Alleged CIA Cyberwarfare on Foreign Banks Is Dangerous Precedent

     [orig to <dcsb@ai.mit.edu>, <cryptography@c2.net>]


Washington, DC -- The Financial Information Protection Association
(FIPA) is denouncing information warfare against global financial
infrastructures as a national policy tool.

An article in Newsweek's May 31 issue discusses a secret "finding"
that allegedly authorizes government hackers to "diddle with
Milosevic's bank accounts" in foreign banks.  According to the
author, the action is controversial and is supported only in small
segments of the United States' intelligence community.  

"When governments try to hack into banks for any reason, they send
dangerous ripples through financial networks and across national
boundaries," Kawika M.  Daguio, FIPA executive vice president,
said.  "Attacking financial infrastructures injures innocent third
parties all over the world in unpredictable ways.  Financial
cyberwarfare damages public confidence in the global financial
system, establishes a bad precedent and, moreover, invites
retaliation and emulation."  FIPA does not take positions on the
wider geopolitical issues involved in this situation.  

Daguio added, "The U.S. and other governments should swear-off the
use of information warfare against financial infrastructures and
continue to act to strengthen critical U.S. infrastructures by
working in partnership with the financial community and other
infrastructure owners."

# # #

FIPA (www.fipanet.org) is an association dedicated to helping
individuals, businesses and governments work together to protect
sensitive financial information while promoting commerce.

Kawika M. Daguio is the Executive Vice President, Financial
Information Protection Association and Principal Consultant,
Robustsystems.net.  He was the former Federal Representative for
Payment Systems and Technology for the American Bankers
Association and consultant and PKI architect for ABAecom.  He was
a career employee with the U.S. Department of Treasury, where he
evaluated budgets for high-risk programs and managed U.S.
financial institution accounts around the world.

Daguio has led the financial service industry's involvement in
critical infrastructure protection studies to demonstrate the
industry's advanced preparedness.  He negotiated drastic revisions
in the U.S. Government's encryption and private network access
policies and regulations in order to protect sensitive financial
information.  He has lectured on critical infrastructure
protection at Harvard and made presentations before U.S.
government commissions and agencies.  Daguio has a MBA in Finance
and a master's degree in public management from the University of
Maryland.  He earned two bachelor's degrees from the University of

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