Research Article Open Access

Security as a legal obligation. About EU legislation related to security and Sarbanes Oxley in the European Union.

Abstract

Since the Sarbanes-Oxley Act there is a worldwide focus on security issues in general. This new focus seems to emphasise that security is a new kind of legal obligation. However, security is already a legal obligation for all EU companies since the early nineties. On top of that, in electronic banking there is a whole range of legal obligations in some way related to security, that were already (and remain) applicable, notwithstanding a possible application of the Sarbanes-Oxley Act on some EU companies. The criterion of what can be 'reasonably expected' as 'bonus pater familias' from service providers, but equally also from their customers, becomes increasingly important.

Edwin JACOBS

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