The world is slowly but surely moving away from its centuries-old obsession with paper. With the very real threat of man-made climate change, it is a welcome sign that the world is moving towards electronic means for recording and communicating information which is reducing the pressure on our forests. In addition to the trees saved, this also reduces the carbon impact of having to physically ship those documents around – usually via the least carbon-efficient modes like airplanes.
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When it comes to digital certificates and signatures, the most obvious applications that pop into our heads are surrounding financial transactions or other such services where formal and legally binding contracts have to be signed. However, the benefits that qualified electronic signatures/ seals provide under EU law are not at all restricted to only such digital service providers. Today, we explore a significantly different environment, but one that faces the same challenges regarding security and trust.
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The broader financial services industry – including banks, credit card companies, FinTech service providers, tech companies offering digital wallets etc – are today at the frontlines in the fight against cybercrime. Because these companies are involved in moving large sums of money around each day, they become obvious targets for criminal elements.
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In this final article in a 3-part series on symmetric key encryption technology, we look at the use of encryption modes with symmetric block ciphers, including the need for padding and initialization vectors.
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In this article, the second in a 3-part series on symmetric key encryption technology, we look at the development of symmetric key encryption algorithms and the range of algorithms available today along with their strengths and weaknesses, as well as the importance of crypto-agility.
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In this article, the first of a 3-part series on symmetric key encryption technology, we will look at the principles of symmetric encryption, the two types of symmetric algorithm, and the lifecycle and management of symmetric keys.
The EU standard (EN 419241-2) has just been published and will be used to evaluate quality and compliance with the legislation of the entities used in the activation of remote electronic signatures. This is the first of its kind in Europe and is targeted at the Qualified Trust Service Providers who deliver and store European electronic signatures. Cryptomathic has participated in the development of the standard and has thus ensured influence on the requirements.
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More than a decade ago, Cryptomathic and LuxTrust, then a newly formed trust service provider (TSP), decided to invest in the development of cloud-based electronic signing technology, in anticipation of future demand from Luxembourg’s digital ecosystem. At the time local signing devices, in the form of smart cards and USB tokens, were dominant and the only widely available means of establishing the highest level of electronic signing assurance.
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In Part 1 of this series, we looked at how the competitive landscape for the financial services industry is shaping out in 2019. Digital challengers are encroaching upon business services that banks traditionally had a monopoly in. However, by making the most of the tools that regulators and governments are providing them, banks can turn threats into opportunities.
We look at how banks can take their prospecting efforts to the next level, benefit from the omni-channel revolution and really leverage their local security standards to make themselves more appealing internationally. We continue that conversation here in Part 2.
