Electronic Safety and Soundness Securing Finance in a New Age - World Bank Working Paper

'Electronic Safety and Soundness' identifies and discusses four key pillars that are necessary to foster a secure electronic environment and the safety and soundness of financial systems worldwide. First, the monograph defines electronic 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. The book 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 and internal monitoring of e-security practices; (iii) public-private sector cooperation; and (iv) the business case for practicing layered e-security. This title is intended for policy makers in the area of electronic security and those working with financial services providers. The detailed annexes will be of particular interest to chief information and security officers, and others responsible for securing network systems.