Cyber threats

Reducing the size of the army may have some pragmatic rationale (your report, 5 July), but looking at threats to our economy and security in the light of recent events, it would appear that we need a new small army of experts in cybercrime and financial crime, as the shape of the threats to the UK changes with technology.

It would appear that we can now suffer far greater losses from bank fraud and cybercrime than any direct military threat.

Estimates from City analysts on Barclays’ manipulation of Libor suggest its traders could have made up to £500 million a day.

According to the Financial Services Authority reports, this activity continued for more than 170 separate instances/days.

Losses from this activity to our economy could, therefore, have exceeded £80 billion, making it the largest fraud in history – and we have not seen the full picture, nor has there been a single arrest or prosecution yet.

Astonishingly, it is likely the first prosecution will be in Scotland as our law is elegant and easy to administer, and, unlike in England, a criminal investigation has begun here.

Meanwhile, the Serious Fraud Office in London has been emasculated by large budgetary cuts.

What are the priorities for our security when these losses have been allowed to happen?

Elizabeth Marshall

Western Harbour Midway

Edinburgh