Banks oppose computer crime law proposal

Computer criminals could wind up costing Danish banks billions if a law requiring them to compensate small businesses on an equal footing with private account holders is passed.

The Commerce Ministry has asked the Financial Supervisory Authority to look into whether companies with less than 10 employees and annual turnover of less than 15 million kroner should be issued a guarantee that they will be compensated if their accounts are hacked into.

Currently, banks are required to compensate private account holders everything but a 1200 kroner deduction if their accounts are hacked. The new law would issue the same guarantee to small businesses and would encompass 90 percent of the country’s companies.