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Malaysian Banks Focus On Network Security

To ensure public trust and confidence in electronic transactions and banking in Malaysia, IT consultants have advised the government that network security should be a focus of the Internet banking framework. Ang Swee Leong, of Arthur Andersen, advises banks to adopt a holistic approach to a security infrastructure, reinforced with the use of policies, standards and audits. Another consultant, Mustapa Khan, of DynaChart, considers PKI and digital certification to be crucial to the online ventures of banks.

Govinathan Pillai, MD of Sun Microsystems, similarly recommends banks to implement security standards at network level as "one of the keys to the evolution of Internet security". In his view, "the adoption of network-level standards and protocols is most critical", due to the network-centric nature of eCommerce. Of the security tools currently available, Ang pinpointed encryption standards and PKI as primary methods of authenticating the electronic contact between banks and their customers, and vice versa.

Mustapa, meanwhile, warned banks to fully certify the security of their trusted hosts, namely of service delivered by an ISP, or by a solutions provider. Banks introducing electronic services were advised to investigate VPNs, which convey encrypted data via the Internet, and to secure connections between their internal systems and public Web servers. Further security for online banking operations can be achieved by encrypting data traveling between the bank and its customers at the communication level.

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