Despite public means about contactless card security, an industry expert says contactless technology is far superior to the existing magnetic stripe. These contactless are a pocket-sized card with embedded integrated circuits which has the ability to process and store data, and communicate with terminals through radio waves. These cards have non-volatile memory components for storage, and also some specific security logic. They do not contain an ordinary’s read-only RFID, but have a re-writable microchip which can be transcribed through radio waves. Earlier in the course of the month Identity theft resource centre had released news about the investigation about the security of radio technology used in the contactless card. But the RFID argues that the use of the card in the US is expected to rise. The chips used in this card communicate one way only and the transaction speed is quite high. The concern however is the security of the card with some people arguing that the information in the card can be intercepted and fraudulent purchases made from the card. Http://www.bankinfosecurity.com/Facebook
A revolution indeed in security is coming; we can either lead or be troubled by it.
In order to achieve the outlined goals, well organized means and ways of managing and protecting data should practiced by the society. One should be able to know who has the mandate to access his files, where he or she keeps the files and who should edit the files if possible. This can also be achieved through realization of the necessity of data security and management, commitment to user efficient and most important issuance strategy.
A difference between data security and information assurance exists. When we talk of data security, we primarily deal with outer threats on data, while when we talk of information assurance we simply deal with inner threats on information. For instance, considering an electronic funds transfer system. Protection against an hackers attempt to divert funds is an issue of data security while protection against incorrect algorithms which might misplace funds is an issue of information assurance. Data security primarily entails guarding from attack while information assurance entails both the protections from natural occurrences’ such as backup protection and protections from attack. Data security will men unauthorized access, disclosure, modification, inspection, perusal or destruction. Information assurance addresses attributes of information such as availability, confidentiality and integrity of information. Data security therefore refers to the assurance that data is free from being corrupted and access to such data is totally controlled thus ensuring privacy. Information assurance is the practice of management of risks related to the use of processing, storage and transmission of data and the processes and systems used. Two issue of data security in the banking technology include the awareness of the customer on how secure information is along with insecure customer end points. The other one is the increasing usage and external threats of mobile and online channels along with regulatory requirement. An issue facing information assurance is that of human beings who come up with decisions about information technology which deal with the future states, therefore having to accept risks and uncertainty in decision making.