LankaSign introduces software for cyber security in financial sector

Friday, 11 February 2011 00:01 - - {{hitsCtrl.values.hits}}

Lankan company launches digital certification to provide more security to transactions and data at nominal cost for greater customer confidence

By Uditha Jayasinghe

For the first time in Sri Lanka a local company, LankaSign, has launched software that will combat information piracy and data theft to the commercial market for the use in financial industries.

LankaClear General Manager Sunimal Weerasooriya explains about the new software while Chairperson Priyantha Liyanage looks on - Pic by Upul Abayasekara

LankaSign, under LankaClear (Pvt) Ltd. is the financial sector’s certification service provider empowered by the Central Bank. On Wednesday they launched digital certification software exclusively designed for banks, leasing, insurance and stock brokering companies. The aim of the new technology is to protect documents and data within the company as well as safeguard communications between different departments. The software can also be adjusted to protect company-client communications in online banking or similar operations.

In simplistic terms digital certificates provide users with unique signatures that they can use when sending or receiving information. For example someone engaged in online banking can use the digital signature to “sign” their transactions thereby ensuring that the bank receives correct orders. They are safer than a password as they are harder to hack or duplicate.

“Many companies face the problem of authenticating their documents and data. Usually this means that it has to be signed and then physically transported into a storage area. With this technology everything from memos to sensitive data can be circulated within employees, between companies or even between the company and client in perfect safety. This means that much time, expense and hassle can be avoided because digital signatures provide indisputable proof of where the information or data is originating from,” explained LankaClear General Manager Sunimal Weerasooriya.

Since the technology works online it also creates a green office with minimal use of printing and paper. Companies that need to maintain protected communication with their clients such as banks or stock brokering firms can work with LankaSign to establish a network protected with digital certificates, which will then be given to the clients through the company. Independent clients can also fine tune the software according to their specifications. Weerasooriya insisted that the technology would cost around Rs.20 000 with yearly maintenance requirements.

“We are keen on the product being cost effective to reach as many people as possible. Obtaining the technology is a simple process because enabling the software is easy. However finding out what the company is and what it wants the software for and making sure that it is used properly will take a little more time.”

Two products have been released to the market. These can authenticate websites so that other people cannot setup in the company name, provide encrypted communication tunnels, connect remote servers securely and give legal validation to e-mail documents. “Our aim is to give greater customer confidence.”