RealNews

Safeguards Barely up Since September 11

Spending on security and anti-terror measures by US companies has barely risen since the September 11 attacks, it was revealed on Wednesday. While insurance and risk management costs have jumped sharply, corporate spending to protect against terrorist attacks and other security risks has gone up just 4 per cent, according to the Conference Board, a business research group. In the first comprehensive survey of corporate security spending after September 11, the board found that insurance costs have risen a median 33 per cent since 2001, while insurance costs for one fifth of companies have doubled. “There was an expectation that there would be an overhaul in corporate security after 9/11,” said Tom Cavanagh, the Conference Board’s security expert who wrote the report. “But in general we haven’t found that.” The Bush administration has been struggling to cajole US companies to increase their readiness for terrorist attacks, particularly in critical industries such as transport, energy and utilities. The Project on Government Oversight, a watchdog, said last month that interviews with security officials at nuclear power plants showed that only one in four plants was adequately protected against terrorists. Full Story

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