Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues
This paper builds on a previous series of papers (see Claessens, Glaessner, and Klingebiel, 2001, 2002) that identified electronic security as a key component to the delivery of electronic finance benefits. This paper and its technical annexes (ava...
| Main Authors: | , , |
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2002/07/1971353/electronic-security-risk-mitigation-financial-transactions-public-policy-issues http://hdl.handle.net/10986/19261 |
| Summary: | This paper builds on a previous series
of papers (see Claessens, Glaessner, and Klingebiel, 2001,
2002) that identified electronic security as a key component
to the delivery of electronic finance benefits. This paper
and its technical annexes (available separately at
http://www1.worldbank.org/finance/) identify and discuss
seven key pillars necessary to fostering a secure electronic
environment. Hence, it is intended for those formulating
broad policies in the area of electronic security and those
working with financial services providers (for example,
executives and management). The detailed annexes of this
paper are especially relevant for chief information and
security officers responsible for establishing layered
security. First, this paper provides definitions of
electronic finance and electronic security and explains why
these issues deserve attention. Next, it presents a picture
of the burgeoning global electronic security industry. Then
it develops a risk-management framework for understanding
the risks and tradeoffs inherent in the electronic security
infrastructure. It also provides examples of tradeoffs that
may arise with respect to technological innovation, privacy,
quality of service, and security in designing an electronic
security policy framework. Finally, it outlines issues in
seven interrelated areas that often need attention in
building an adequate electronic security infrastructure.
These are: 1) The legal framework and enforcement. 2)
Electronic security of payment systems. 3) Supervision and
prevention challenges. 4) The role of private insurance as
an essential monitoring mechanism. 5) Certification,
standards, and the role of the public and private sectors.
6) Improving the accuracy of information on electronic
security incidents and creating better arrangements for
sharing this information. 7) Improving overall education on
these issues as a key to enhancing prevention. |
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