[ISN] Security Experts: 'A Wake-up Call for the Rest of the World'

http://www.bankinfosecurity.com/articles.php?art_id=3432

By Tracy Kitten
Managing Editor
Bank Info Security
March 16, 2011 

The crisis in Japan shows the world is an increasingly smaller place.

On Tuesday, stocks in the U.S. and Europe took hits, as the impact of 
Japan's disaster response continues to spread throughout the global 
financial market. U.S. stock prices fell 2 percent. In Europe, shares in 
nuclear-related utilities, luxury groups and assurance companies fell 
3.5 percent.

Japan, which on March 11 was hit by a 9.0 earthquake that caused a 
tsunami of catastrophic proportion, has seen its infrastructure rocked. 
Loss of power and communications pale in comparison to the human 
casualties and mounting fears of radiation poisoning from stricken 
nuclear plants. From a financial and business perspective, the losses 
and pain are spreading, adversely affecting mature global markets on a 
daily basis.

The global impact has been eye-opening, says Mark Lobel, principal at 
PricewaterhouseCoopers and a long-time security expert. Global banking 
institutions and financial services players -- just one piece of the 
economic puzzle -- could learn a great deal from Japan's disaster 
response. "There is nobody better prepared for this type of event than 
the Japanese," Lobel says.

Bank branches in areas destroyed by the earthquake and subsequent 
tsunami have obviously been closed, says Tom Wills, principal consultant 
and secure strategies analyst for Javelin Strategy & Research. But the 
Japanese financial system and payment networks have not been 
significantly disrupted.

[...]


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