[FYI] Did Encryption Empower These Terrorists?

[lynn.wheeler at firstdata.com]

you may then also find "The Thread Between Risk Manaement and Information
Security" interesting

http://www.garlic.com/~lynn/aepay3.htm#riskm
http://www.garlic.com/~lynn/aepay3.htm#riskaads

somewhat more from the risk manager's perspective ... than either straight
cryptography or computer security.




Lynn,
   Thanks for the references.  I  looked at an online trading system about
a year ago, more from a strategic planning perspective really (this is not
my normal role either).  What I found intriguing was the interaction
between protocols and market structure, particularly in the fixed income
and foreign exchange markets.  This market are far larger than than the
equity markets with individual trades often well into the hundreds of
millions of dollars (your point abouth security commensuarate with the risk
is well taken), but unlike the equity or futures markets they are not open
outcry markets.  The structure of these markets is rather complicated with
a variety of institutions playing several different, fairly well defined
roles.  Depending upon the protocols chosen the resulting electronic
"exchange" canbenefit one or more classes of market participants at the
expense of others.  Hence the plethora of different system trying to
establish themselves, at one point there were more than three dozen
different systems with a vide variety of protocols and security features
depending on whose interests and what information they were trying to
protect.  As you point out the issues go well beyond the problems of a
merchant protecting a customers credit card number when that customer buys
a book online.  Anyway thanks for the references.

Jim Windle
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