23 February 2011

European Commission moves to beef up carbon trading security

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Connie Hedegaard sets out short and long term measures designed to improve emissions trading scheme security

The European Commission has today released long-awaited details of how it plans to bolster online security across the carbon market in the wake of last month's cyber attacks on national registries.

Connie Hedegaard, European Commissioner for Climate Action who will today chair a meeting of the EU Climate Change Committee convened to discuss the proposals, said that the plan would see member states take immediate steps to enhance security.

"The Commission has identified a range of actions that Member State can already take in the short term to further improve security for example by regularly reviewing security plans, by reinforcing registry account policies and identity checks, by training registry users etc," she said in a statement. "For the medium and long term we reinforce efforts to identify solutions in cooperation both with Member States and through a regular dialogue with stakeholders."

The Commission is recommending that member states set up a formal process for regularly reviewing registry security, strengthen checks regarding the opening of new registry accounts and review existing account holders, improve processes to notify other registries in the event of suspicious online activity, enhance security training for registry users, and complete the roll out of new VAT rules designed to block carousel fraud in the carbon market.

(BusinessGreen)

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