First Internet security firm

First Internet security firm

SINGAPORE (Reuter): Singapore said yesterday it had set up Southeast Asia's first company to provide secure transactions in cyberspace.

The government's National Computer Board (NCB) said in a statement it had set up a joint venture company with Network for Electronic Transfers Pte Ltd (NETS) to provide security for Internet transactions.

It said the new company, Netrust, would provide "digital certificates" to provide security in electronic transactions and communications.

The certificates are the digital equivalent of a thumbprint or signature. They verify sender and receiver identities, keep information exchanged private and intact and provide proof of the transaction, the statement said.

The certificates, issued on smart cards and hard disks, have lifespans of about three years to maximize security and will be automatically renewed by Netrust on expiry, it said.

The Singapore government-owned POSBank said in a statement it would join Netrust in issuing certificates to Internet banking customers.