White Papers for International Standards Organization (ISO) 27002 (17799)

Secure Communication Solutions for Banking:

Resoft International

With email now found in the majority of businesses as well as most homes, the Internet has become the most popular method of communication, surpassing both regular mail and the telephone. Increasingly, email is taking the place of phone calls to communicate between financial organizations, their business partners, vendors and customers. Email is fast, easy to use and the number one method of business communications. Email empowers the financial industry in new ways and brings new expectations as well.Significant productivity gains and cost savings will further entrench email and document delivery solutions into the banking industry. But before email can be used as a universal communication tool for sensitive data, several significant drawbacks must be addressed. Email was designed for easy, rapid flow of information, without considering accountability and security of information. These are important attributes to the banking industry, especially when sending financial or customer-related information. In the same way that banking records would never be sent on the back of a postcard, emailing that data exposes this information as plain text to the Internet. Fortunately, the limitations of email are already known to many in the banking industry. Using PKI based messaging has proven to be difficult since most people do not have an X.509 certificate installed on their desktop nor are most financial firms interested in becoming a Certificate Authority (CA) for the deployment of certificates to their vendors and customer communities. Utilizing a PKI based messaging also requires extensive end user training and can be very expensive to
purchase and support.

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