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.