The channel is set to reap the rewards of substantial legal revisions aimed at preventing fraud and heightening security for e-commerce.
The Law Commission published its consultation paper for changes to the law of fraud and deception on 27 April. The reforms, if approved, would close loopholes and specifically deal with crimes committed via the internet.
They will also attempt to make cyber fraud prosecutions easier to instigate.
The move came after Jack Straw, the Home Secretary, asked the Law Commission on 7 April 1998 to 'examine the law of fraud and, in particular, to consider ... the needs of developing technology, including electronic means of transfer'.
Another attempt to defend UK businesses from cyber villains came from the British Standards Institution (BSI), which launched a two-pronged attack on computer fraud and security on 28 April. Michael Wills, minister for small firms, revealed that the British Standard for Information Security, BS7799, would be updated to include controls and preventative measures recommended against viruses, hackers, data loss and computer fraud.
The BSI also launched C:Cure, a certification programme to prove that a company has met the requirements of BS7799. The programme will allow firms to confirm the level of electronic security within its business partners.
REVAMP FOR UK INSOLVENCY LAWS
The Department of Trade and Industry is seriously considering revising the UK insolvency laws. At present, the tax authorities or banks have the priority on a failed company's assets. However, there is a suspicion that both are inclined to allow a company to go into liquidation so they can reclaim more of their investments.
A revised law is expected to mirror the US insolvency laws and give priority instead to venture capitalists and backers willing to step in and financially prop up a struggling company.
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