By Thomas C. Glaessner
'Electronic defense and Soundness' identifies and discusses 4 key pillars which are essential to foster a safe digital atmosphere and the security and soundness of economic structures world wide. First, the monograph defines digital finance and digital safety (e-security) and explains why those components require consciousness. subsequent, it provides an image of the rising worldwide safeguard undefined. Then, it develops a probability administration framework to aid policymakers and practitioners in figuring out the tradeoffs and hazards inherent in utilizing an open community infrastructure. The publication additionally presents examples of tradeoffs which may come up with admire to technological suggestions, privateness, caliber of provider, and protection within the layout of an e-security coverage framework. ultimately, it outlines concerns in 4 severe and interrelated components that require cognizance within the development of an sufficient e-security infrastructure. those are: (i) the criminal, regulatory, and enforcement framework; (ii) exterior and inner tracking of e-security practices; (iii) public-private region cooperation; and (iv) the company case for practising layered e-security. This name is meant for coverage makers within the zone of digital defense and people operating with monetary prone prone. The designated annexes should be of specific curiosity to leader info and protection officials, and others accountable for securing community platforms.
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Additional resources for Electronic Safety and Soundness: Securing Finance in a New Age (World Bank Working Papers)
Example text
In general, an electronic signature has the same force and effect as a manual signature in most of the world. While the legal framework can often be slow to adapt to changing circumstances, in this instance the law appears to be trying to adapt to electronic commerce needs as quickly as the world is coming online. This is a major phenomenon that raises issues of importance beyond the scope of this monograph. Security of Payment Systems Though most countries have laws in place to regulate different components of the payments system, no country has yet addressed payments systems issues comprehensively.
On a real time basis. Supervision of Private Monitoring Agents: Insurance companies writing cover need to be carefully supervised so that they properly insist on better overall e-security. In addition the establishing higher standards of security and due care by credit rating agencies and the insisting on better security processes by all companies and financial service providers in this key area ELECTRONIC SAFETY AND SOUNDNESS 25 (source) of operational risk are important. Securities regulators and insurance supervisors need to more carefully supervise private monitoring agents and insist on certain minimum standards in assessing their actions to monitor the e-security practices and operational risk of financial service providers.
Technological innovation can be stifled and customer service can suffer if security standards are not sufficiently flexible and technology-neutral. As will be noted in later sections, even the definition of an electronic signature needs to be very carefully designed so as not to preempt the use of a number of alternative technologies. In other words, the concept of technology neutrality is an important one to adopt when formulating legislation and regulation (see Chapter 3). Security and Privacy.