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Implementing the directive could require large amounts of new information technology and cost the financial industry plenty.
Vaizey is trying to find a way of implementing the directive yet not causing total disruption to the internet business in the UK.
Laws implementing the directive have already been introduced in France, while Sweden, Slovakia, Finland, Austria and Germany are expected to comply this month.
European Standardisation Organisation (CEN) has drafted several standards to help the member countries implementing the directive.
They will be applied, the Department of Culture, Media and Sport (which is tasked with implementing the directive, as part of its overall responsibility on the digital economy) said, as "a last resort and will not apply to operators [that] have assessed the risks adequately, taken appropriate security measures and engaged with regulators but still suffered an attack".
The Commission is deceiving itself if it believes that implementing the directive will put an end to all the uncertainty.
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Several years ago, I embedded with U.S. troops in Kandahar, Afghanistan, and spent time with a unit that was tasked with implementing the directives from a set of trainings known as "Commander's Guide to Money as a Weapons System".
Whilst the UK has opposed many European directives but implemented most of those it did approve, Italy is a great believer in "voting European", that is, agreeing to many issues and then simply not implementing the directives.
All EU member states must implement the directive, although they can do so in differing ways.
Germany, the most populous of the EU's 28 nations, did not implement the directive amid court challenges and domestic political differences.
EU member states are obliged to implement the directive, including a 14-day cooling off period with an absolute ban on processing payments during this time.
More suggestions(19)
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