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...

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Main Authors:	Glaessner, Thomas, Kellermann, Tom, McNevin, Valerie
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ELECTRONIC TECHNOLOGY SECURITY SYSTEMS RISK MANAGEMENT FINANCIAL MECHANISMS POLICY FORMATION FINANCIAL SERVICES DATA PROCESSING INFORMATION PROCESSING SECURITY TRADING GLOBALIZATION TECHNOLOGICAL INNOVATIONS PRIVACY PROTECTION PRIVACY RIGHTS QUALITY OF SERVICE POLICY FRAMEWORK LEGAL FRAMEWORK LAW ENFORCEMENT PAYMENTS SYSTEMS SUPERVISORY STRUCTURES INSURANCE INDUSTRY PRIVATE POLICE MONITORING CRITERIA PUBLIC SECTOR MANAGEMENT PRIVATE SPONSORS ELECTRONIC INFORMATION NETWORK ADEQUATE SECURITY ASP BANKING SYSTEM BANKING SYSTEMS COMMUNICATIONS TECHNOLOGY CORRUPTION CREDIT CARDS CREDIT UNIONS CRIME CRIMES CRIMINALS ELECTRONIC COMMERCE ELECTRONIC FUNDS ELECTRONIC FUNDS TRANSFERS ELECTRONIC MONEY ELECTRONIC TRANSACTIONS EMERGING MARKETS ENCRYPTION EXPLICIT KNOWLEDGE FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL SERVICES FINANCIAL TRANSACTIONS FRAUD INSTITUTIONAL ARRANGEMENTS INSURANCE INTERNATIONAL TELECOMMUNICATIONS ISP LAW ENFORCEMENT AGENCIES LEGISLATION LIABILITY MARKET ECONOMIES NATIONAL INFRASTRUCTURE NETWORK TRAFFIC NETWORKS ONLINE BANKING OPERATIONAL RISK ORGANIZED CRIME PAYMENT SYSTEMS PROTOCOLS PUBLIC AGENCIES PUBLIC POLICIES PUBLIC POLICY REGULATORY FRAMEWORK RETURN ON INVESTMENT SAVINGS SECURITY INFORMATION SECURITY OFFICERS SECURITY PROTOCOLS SECURITY STANDARDS SMART CARDS SOCIAL SECURITY TECHNOLOGICAL INNOVATION TELEPHONY TERRORISTS THREATS VIDEO CONFERENCE FACILITIES WEB SITES
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

id	okr-10986-19261
recordtype	oai_dc
spelling	okr-10986-192612021-04-23T14:03:42Z Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues Glaessner, Thomas Kellermann, Tom McNevin, Valerie ELECTRONIC TECHNOLOGY SECURITY SYSTEMS RISK MANAGEMENT FINANCIAL MECHANISMS POLICY FORMATION FINANCIAL SERVICES DATA PROCESSING INFORMATION PROCESSING SECURITY TRADING GLOBALIZATION TECHNOLOGICAL INNOVATIONS PRIVACY PROTECTION PRIVACY RIGHTS QUALITY OF SERVICE POLICY FRAMEWORK LEGAL FRAMEWORK LAW ENFORCEMENT PAYMENTS SYSTEMS SUPERVISORY STRUCTURES INSURANCE INDUSTRY PRIVATE POLICE MONITORING CRITERIA PUBLIC SECTOR MANAGEMENT PRIVATE SPONSORS ELECTRONIC INFORMATION NETWORK ADEQUATE SECURITY ASP BANKING SYSTEM BANKING SYSTEMS COMMUNICATIONS TECHNOLOGY CORRUPTION CREDIT CARDS CREDIT UNIONS CRIME CRIMES CRIMINALS ELECTRONIC COMMERCE ELECTRONIC FUNDS ELECTRONIC FUNDS TRANSFERS ELECTRONIC MONEY ELECTRONIC TRANSACTIONS EMERGING MARKETS ENCRYPTION EXPLICIT KNOWLEDGE FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL SERVICES FINANCIAL TRANSACTIONS FRAUD INSTITUTIONAL ARRANGEMENTS INSURANCE INTERNATIONAL TELECOMMUNICATIONS ISP LAW ENFORCEMENT LAW ENFORCEMENT AGENCIES LEGAL FRAMEWORK LEGISLATION LIABILITY MARKET ECONOMIES NATIONAL INFRASTRUCTURE NETWORK TRAFFIC NETWORKS ONLINE BANKING OPERATIONAL RISK ORGANIZED CRIME PAYMENT SYSTEMS PROTOCOLS PUBLIC AGENCIES PUBLIC POLICIES PUBLIC POLICY REGULATORY FRAMEWORK RETURN ON INVESTMENT RISK MANAGEMENT SAVINGS SECURITY INFORMATION SECURITY OFFICERS SECURITY PROTOCOLS SECURITY STANDARDS SECURITY SYSTEMS SMART CARDS SOCIAL SECURITY TECHNOLOGICAL INNOVATION TELEPHONY TERRORISTS THREATS VIDEO CONFERENCE FACILITIES WEB SITES 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. 2014-08-05T21:04:46Z 2014-08-05T21:04:46Z 2002-07 http://documents.worldbank.org/curated/en/2002/07/1971353/electronic-security-risk-mitigation-financial-transactions-public-policy-issues http://hdl.handle.net/10986/19261 English en_US Policy Research Working Paper;No. 2870 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ELECTRONIC TECHNOLOGY SECURITY SYSTEMS RISK MANAGEMENT FINANCIAL MECHANISMS POLICY FORMATION FINANCIAL SERVICES DATA PROCESSING INFORMATION PROCESSING SECURITY TRADING GLOBALIZATION TECHNOLOGICAL INNOVATIONS PRIVACY PROTECTION PRIVACY RIGHTS QUALITY OF SERVICE POLICY FRAMEWORK LEGAL FRAMEWORK LAW ENFORCEMENT PAYMENTS SYSTEMS SUPERVISORY STRUCTURES INSURANCE INDUSTRY PRIVATE POLICE MONITORING CRITERIA PUBLIC SECTOR MANAGEMENT PRIVATE SPONSORS ELECTRONIC INFORMATION NETWORK ADEQUATE SECURITY ASP BANKING SYSTEM BANKING SYSTEMS COMMUNICATIONS TECHNOLOGY CORRUPTION CREDIT CARDS CREDIT UNIONS CRIME CRIMES CRIMINALS ELECTRONIC COMMERCE ELECTRONIC FUNDS ELECTRONIC FUNDS TRANSFERS ELECTRONIC MONEY ELECTRONIC TRANSACTIONS EMERGING MARKETS ENCRYPTION EXPLICIT KNOWLEDGE FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL SERVICES FINANCIAL TRANSACTIONS FRAUD INSTITUTIONAL ARRANGEMENTS INSURANCE INTERNATIONAL TELECOMMUNICATIONS ISP LAW ENFORCEMENT LAW ENFORCEMENT AGENCIES LEGAL FRAMEWORK LEGISLATION LIABILITY MARKET ECONOMIES NATIONAL INFRASTRUCTURE NETWORK TRAFFIC NETWORKS ONLINE BANKING OPERATIONAL RISK ORGANIZED CRIME PAYMENT SYSTEMS PROTOCOLS PUBLIC AGENCIES PUBLIC POLICIES PUBLIC POLICY REGULATORY FRAMEWORK RETURN ON INVESTMENT RISK MANAGEMENT SAVINGS SECURITY INFORMATION SECURITY OFFICERS SECURITY PROTOCOLS SECURITY STANDARDS SECURITY SYSTEMS SMART CARDS SOCIAL SECURITY TECHNOLOGICAL INNOVATION TELEPHONY TERRORISTS THREATS VIDEO CONFERENCE FACILITIES WEB SITES
spellingShingle	ELECTRONIC TECHNOLOGY SECURITY SYSTEMS RISK MANAGEMENT FINANCIAL MECHANISMS POLICY FORMATION FINANCIAL SERVICES DATA PROCESSING INFORMATION PROCESSING SECURITY TRADING GLOBALIZATION TECHNOLOGICAL INNOVATIONS PRIVACY PROTECTION PRIVACY RIGHTS QUALITY OF SERVICE POLICY FRAMEWORK LEGAL FRAMEWORK LAW ENFORCEMENT PAYMENTS SYSTEMS SUPERVISORY STRUCTURES INSURANCE INDUSTRY PRIVATE POLICE MONITORING CRITERIA PUBLIC SECTOR MANAGEMENT PRIVATE SPONSORS ELECTRONIC INFORMATION NETWORK ADEQUATE SECURITY ASP BANKING SYSTEM BANKING SYSTEMS COMMUNICATIONS TECHNOLOGY CORRUPTION CREDIT CARDS CREDIT UNIONS CRIME CRIMES CRIMINALS ELECTRONIC COMMERCE ELECTRONIC FUNDS ELECTRONIC FUNDS TRANSFERS ELECTRONIC MONEY ELECTRONIC TRANSACTIONS EMERGING MARKETS ENCRYPTION EXPLICIT KNOWLEDGE FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL SERVICES FINANCIAL TRANSACTIONS FRAUD INSTITUTIONAL ARRANGEMENTS INSURANCE INTERNATIONAL TELECOMMUNICATIONS ISP LAW ENFORCEMENT LAW ENFORCEMENT AGENCIES LEGAL FRAMEWORK LEGISLATION LIABILITY MARKET ECONOMIES NATIONAL INFRASTRUCTURE NETWORK TRAFFIC NETWORKS ONLINE BANKING OPERATIONAL RISK ORGANIZED CRIME PAYMENT SYSTEMS PROTOCOLS PUBLIC AGENCIES PUBLIC POLICIES PUBLIC POLICY REGULATORY FRAMEWORK RETURN ON INVESTMENT RISK MANAGEMENT SAVINGS SECURITY INFORMATION SECURITY OFFICERS SECURITY PROTOCOLS SECURITY STANDARDS SECURITY SYSTEMS SMART CARDS SOCIAL SECURITY TECHNOLOGICAL INNOVATION TELEPHONY TERRORISTS THREATS VIDEO CONFERENCE FACILITIES WEB SITES Glaessner, Thomas Kellermann, Tom McNevin, Valerie Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues
relation	Policy Research Working Paper;No. 2870
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Glaessner, Thomas Kellermann, Tom McNevin, Valerie
author_facet	Glaessner, Thomas Kellermann, Tom McNevin, Valerie
author_sort	Glaessner, Thomas
title	Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues
title_short	Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues
title_full	Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues
title_fullStr	Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues
title_full_unstemmed	Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues
title_sort	electronic security : risk mitigation in financial transactions - public policy issues
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2002/07/1971353/electronic-security-risk-mitigation-financial-transactions-public-policy-issues http://hdl.handle.net/10986/19261
_version_	1764439614082252800

Electronic Security : Risk Mitigation in Financial Transactions - Public Policy Issues

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