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 (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.Knowledge Economy,Labor Policies,International Terrorism&Counterterrorism,Payment Systems&Infrastructure,Banks&Banking Reform,Education for the Knowledge Economy,Knowledge Economy,Banks&Banking Reform,International Terrorism&Counterterrorism,Governance Indicators

Business and social evaluation of denial of service attacks in view of scaling economic counter-measures

This paper gives an analytical method to determine the economic and indirect implications of denial of service and distributed denial of service attacks. It is based on time preference dynamics applied to the monetary mass for the restoration of capabilities, on long term investments to rebuild capabilities, and of the usability level of the capabilities after an attack. A simple illustrative example is provided for a denial of service on a corporate data centre. The needed data collection methodologies are categorized by classes of targets. The use of the method is explained in the context of legal or policy driven dissuasive, retaliation or compensation/ restoration actions. A concrete set of deployment cases in the communications service and transport industries is discussed. The conclusion includes policy recommendations as well as information exchange requirements.Cyberwar; Denial of service; Business implications; Social implications; Mobile communications; Insurance

Multipath Routing of Fragmented Data Transfer in a Smart Grid Environment

The purpose of this paper is to do a general survey on the existing communication modes inside a smart grid, the existing security loopholes and their countermeasures. Then we suggest a detailed countermeasure, building upon the Jigsaw based secure data transfer [8] for enhanced security of the data flow inside the communication system of a smart grid. The paper has been written without the consideration of any factor of inoperability between the various security techniques inside a smart gridComment: 5 pages, 2 figure

A survey on cyber security for smart grid communications

A smart grid is a new form of electricity network with high fidelity power-flow control, self-healing, and energy reliability and energy security using digital communications and control technology. To upgrade an existing power grid into a smart grid, it requires significant dependence on intelligent and secure communication infrastructures. It requires security frameworks for distributed communications, pervasive computing and sensing technologies in smart grid. However, as many of the communication technologies currently recommended to use by a smart grid is vulnerable in cyber security, it could lead to unreliable system operations, causing unnecessary expenditure, even consequential disaster to both utilities and consumers. In this paper, we summarize the cyber security requirements and the possible vulnerabilities in smart grid communications and survey the current solutions on cyber security for smart grid communications. © 2012 IEEE