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What does Transaction Security mean?
Transaction Security can be defined as the outcomes from achieving one or more of the following properties in information systems.
- Content confidentiality or privacy
- Content integrity
- Authentication of the Source and Receiving system or entity
- Binding of authenticated Identity to transactions for verification of Authority
- Secured audit records of all information sent and received
when information is sent between processes, machines or people
At least one of the above technical features is a basic requirement wherever information of value is processed. Typically, value of information arises from (in no particular order) any or all of the following business issues:
- Laws (Privacy, Medical records, Statutary obligations etc)
- Financial value in the transaction or message
- Potential for information misuse in other channels (fraud, identity theft etc)
- Compliance to regulatory requirements
- Compliance to internal polices
- Marketand Customer expectations
- Accountability of the sender and recipient for actions
- Accuracy and timeliness (i.e. time and errors mean lost profit)
- Management and administration of systems
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