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Electronic Safety and Soundness : Securing Finance in a New Age

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Author Info

  • Thomas C. Glaessner
  • Tom Kellermann
  • Valerie McNevin
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    Abstract

    This monograph and its technical annexes identify and discuss four key pillars that are necessary to foster a secure electronic environment and the safety and soundness of financial systems worldwide. Hence, it is intended for those formulating policies in the area of electronic security and those working with financial services providers (such as executives and management). The detailed annexes of this monograph are relevant for chief information and security officers and others who are responsible for securing network systems. First, the monograph defines electronic finance (e-finance) and electronic security (e-security) and explains why these areas require attention. Next, it presents a picture of the emerging global security industry. Then, it develops a risk management framework to assist policymakers and practitioners in understanding the tradeoffs and risks inherent in using an open network infrastructure. It also provides examples of tradeoffs that may arise with respect to technological innovations, privacy, quality of service, and security in the design of an e-security policy framework. Finally, it outlines issues in four critical and interrelated areas that require attention in the building of an adequate e-security infrastructure. These are: (i) the legal, regulatory, and enforcement framework; (ii) external monitoring of e-security practices; (iii) public-private sector cooperation; and (iv) the business case for practicing layered e-security that will improve internal monitoring.

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/15029/284050PAPER0WBWP026.pdf?sequence=1
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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 15029 and published in 2004-02.

    ISBN: 0-8213-5759-X
    Handle: RePEc:wbk:wbpubs:15029

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    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
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    Web page: https://openknowledge.worldbank.org
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    Related research

    Keywords: Macroeconomics and Economic Growth - Knowledge Economy Banks and Banking Reform Education - Education for the Knowledge Economy International Terrorism and Counterterrorism Governance - Governance Indicators;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Robert C. Merton, 1995. "A Functional Perspective of Financial Intermediation," Financial Management, Financial Management Association, vol. 24(2), Summer.
    2. Stijn Claessens & Thomas Glaessner & Daniela Klingebiel, 2002. "Electronic Finance : A New Approach to Financial Sector Development ?," World Bank Publications, The World Bank, number 14075.
    3. Claessens, Stijn & Klingebiel, Daniela, 1999. "Alternative frameworks for providing financial services," Policy Research Working Paper Series 2189, The World Bank.
    4. John A. Weinberg, 1997. "The organization of private payment networks," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 25-44.
    5. Robert Litan & William Isaac & William Taylor, 1994. "Financial Regulation," NBER Chapters, in: American Economic Policy in the 1980s, pages 519-572 National Bureau of Economic Research, Inc.
    6. James McAndrews, 1997. "Banking and payment system stability in an electronic money world," Working Papers 97-9, Federal Reserve Bank of Philadelphia.
    7. Fredric S. Mishkin & Philip E. Strahan, 1999. "What Will Technology Do to Financial Structure?," NBER Working Papers 6892, National Bureau of Economic Research, Inc.
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