Independent Banker - November 2017 - 77

Plaintext
Ciphertext
Plaintext
the communication is safe.
For this reason, we often call the
encryption and decryption key a
" public/private keypair, " " public
key cryptography " or " public key
infrastructure. "
When a browser initiates a secure
HTTPS session with a website, it
uses a mixture of symmetric and
asymmetric techniques. First, it
requests the server's public key.
Once it has this, the browser generates
a one-off symmetric key, which
it scrambles using the server's public
key and sends off to the website.
Now all communication is encrypted
using that unique symmetric key,
which is disposed of at the end of
the session.
Encryption and the regulator
Regulatory requirements mean
that banks have to encrypt any
sensitive data that are physically or
digitally kept off-site, says Bill Bauman,
one of the original employees
of Ironcore.
" Backups have to be stored off-site
for business continuity, " Bauman
says. " And all backed-up data should
be encrypted both when being
transferred to a backup location and
when at rest. "
As an example of the dangers
of not securing and encrypting
backups, Bauman cites the
$1.72 trillion-asset Bank of New York
Mellon, investigated in 2008 when
it lost tapes containing unencrypted
customer data. Many of the 4.5 million
exposed records related to
customers of third parties who had
no direct dealings with the bank.
Mobile devices, including laptops,
used by bank staff should also be
encrypted by default. " The regulator
will expect any device that has
bank data, or has been set up to
access bank data, to be protected, "
Bauman says.
Adam Oxford is a technology writer in
Johannesburg, South Africa.
_____________________
Encrypt
Decrypt
How it works: Asymmetric cryptography
As opposed to symmetric cryptography, in which a single encryption key
both codes and decodes messages, asymmetric cryptography features
both encryption and decryption keys.
1. Bob sends a message
to Alice, using
her public encryption
key to encrypt it
into ciphertext.
2. Alice receives the
encrypted message.
3. Alice uses her
private decryption
key to convert the
ciphertext back into
plaintext and read
the message.
Since Alice's decryption key is the only code that can unlock the message,
and since it is never shared with anyone, the message she receives from
Bob is completely secure.
STRATEGIC THINKING. SMARTER
SOLUTIONS. EXPERIENCE PAYMENTS.

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Independent Banker - November 2017

Table of Contents for the Digital Edition of Independent Banker - November 2017

Table of Contents
Independent Banker - November 2017 - Intro
Independent Banker - November 2017 - Cover1
Independent Banker - November 2017 - Cover2
Independent Banker - November 2017 - Table of Contents
Independent Banker - November 2017 - 2
Independent Banker - November 2017 - 3
Independent Banker - November 2017 - 4
Independent Banker - November 2017 - 5
Independent Banker - November 2017 - 6
Independent Banker - November 2017 - 7
Independent Banker - November 2017 - 8
Independent Banker - November 2017 - 9
Independent Banker - November 2017 - 10
Independent Banker - November 2017 - 11
Independent Banker - November 2017 - 12
Independent Banker - November 2017 - 13
Independent Banker - November 2017 - 14
Independent Banker - November 2017 - 15
Independent Banker - November 2017 - 16
Independent Banker - November 2017 - 17
Independent Banker - November 2017 - 18
Independent Banker - November 2017 - 19
Independent Banker - November 2017 - 20
Independent Banker - November 2017 - 21
Independent Banker - November 2017 - 22
Independent Banker - November 2017 - 23
Independent Banker - November 2017 - 24
Independent Banker - November 2017 - 25
Independent Banker - November 2017 - 26
Independent Banker - November 2017 - 27
Independent Banker - November 2017 - 28
Independent Banker - November 2017 - 29
Independent Banker - November 2017 - 30
Independent Banker - November 2017 - 31
Independent Banker - November 2017 - 32
Independent Banker - November 2017 - 33
Independent Banker - November 2017 - 34
Independent Banker - November 2017 - 35
Independent Banker - November 2017 - 36
Independent Banker - November 2017 - 37
Independent Banker - November 2017 - 38
Independent Banker - November 2017 - 39
Independent Banker - November 2017 - 40
Independent Banker - November 2017 - 41
Independent Banker - November 2017 - 42
Independent Banker - November 2017 - 43
Independent Banker - November 2017 - 44
Independent Banker - November 2017 - 45
Independent Banker - November 2017 - 46
Independent Banker - November 2017 - 47
Independent Banker - November 2017 - 48
Independent Banker - November 2017 - 49
Independent Banker - November 2017 - 50
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Independent Banker - November 2017 - 84
Independent Banker - November 2017 - Cover3
Independent Banker - November 2017 - Cover4
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