TAILIEUCHUNG - Technology Risk Checklist Version 7.3 MAY 2004

Decentralization of governmental fiscal responsibility has been a component of much economic reform, providing contradictory evidence of the economic consequences. The case for fiscal decentralization rests on the assumption of heterogeneity of regional preferences or the benefits of competition. When communities have heterogeneous tastes, the government closest to the citizens can deliver a bundle of services that reflects community preferences. Similarly, the Tiebout model (1956) posits that, with capital and labor mobility, local governments are motivated by competition with other governments to provide public goods efficiently. Alternatively, centralization may work better when externalities are present, or. | Technology Risk Checklist May 2004 Version Introduction Digital technology enables the world to become increasingly interconnected as an entire economy becomes reliant upon a single network infrastructure. While this offers tremendous opportunities to many industries including financial telecommunications health and transportation it can also be a cause for concern if security issues are improperly addressed or even neglected altogether. Heinous crimes such as theft fraud and extortion can occur in great magnitude within a matter of seconds. The new network-mediated economy paradoxically presents unparalleled opportunities for the creation of good outcomes or the perpetuation of bad ones. Trends in cyber crime reveal significant growth. Between 1999-2003 in the United States attacks on computer servers increased by over 530 to 137 000 2 This is partly attributable to vulnerabilities in software code which have grown from a total of 500 in 1995 to over 9000 in 2002 CERT . Developing countries are also being targeted even as leapfrog technology is implemented. Brazil has seen hacker attacks increase by at least 100 yearly since growing numbers bear particular important on the financial sector. The International Data Corporation reported that more than 57 of all hack attacks last year were initiated in the financial sector source and year. The FBI has corroborated this statistic. Equally troubling FINCEN s Suspicious Activity Reports for Computer Intrusions have shot up more than 500 over the past With the growing amount of financial data stored and transmitted online the ease of computer intrusions add to the severity of traditional crimes such as identity theft to put this in perspective for the digital age over USD 222 billion in losses were sustained to the global economy as a result of identity In an effort to mitigate these types of threat tie World Bank publication Electronic Security Risk Mitigation in the

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