[Andreas Mauthe, Ivan Martinovic, TU Darmstadt]

Security mechanisms are indispensable for communication and the exchange of digital data. The importance of security today is rapidly growing through trends such as globalization and decentralization. Especially since more and more finance interactions are now taking place within the digital domain the physical dimension losses its priority and a digitalization (virtualisation) of not only the goods but also of persons, corporations and their business relationships can be observed. Traditional security protects systems but hinders more than facilitates interaction.

Therefore new mechanisms are required that take into account additional aspects such as trust. In fact, business models are driven by the human trust. This needs to be modelled and transferred into the digital world.

Trust is a complex relationship which is time-dependent, flexible and extendable, making the hard requirements on today's security of the digital world.

The presentation will address issues such as the capabilities of traditional security (based mostly on cryptographic concepts) and its role in building the trust in the digital world. A survey on the way security issues are addressed in the US financial domain will show how this topic is discussed in the states. More practical question (e.g. the kind of problems cryptography can solve, and if there is a part of the problems space where extended and more flexible concepts are needed) are also discussed.

The goal of this Jour Fixe is to provide an overview and a brief introduction to the fundaments of today's security, the solutions it provides, but also to introduce new challenges and research topics for extending and re-thinking the security concepts by the trust models.

The topics of this Jour Fixe can be described as follows:

Security considerations in the US financial industry

• State of the art within the US
• Security within the financial round table

Security: the background

• Defining the problem space
• Cryptographic approach

Symmetrical cryptography

Asymmetrical cryptography

Problems that still remain

Considering the new requirements on today's security

• The future challenges and research focus
• Protection / Detection / Reaction
• The trust model