Internet Banking security in South Korea
I came across this interesting article that said Korean bank uses PKI mechanism to ensure security on their Internet Banking system. Which means, they’re not using SSL (for those whose not familiar with SSL, notice the Verisign sign on your online banking system? That’s SSL certificate provider. Meaning your online banking site use SSL).
However, the growing usage of smartphones such as Blackberry and iPhone has made the Korean people to plea over the change of the current laws that enforce the usage of PKI-based mechanism on their online banking system. Here’s what the article says:
The Security of Internet Banking in South Korea
For those of you who have followed my blog, you know that it has been 3 years since I first reported on the fact that Korea does not use SSL for secure transactions over the Interent but instead a PKI mechanism that limits users to the Windows OS and Internet Explorer as a browser. Nothing fundamentally has changed but there are new pressures on the status quo that may break open South Korean for competition in the browser market in the future.
In fact, one of the new pressures on the status quo has been the popularity of the iPhone in South Korea, which wasn’t available officially until late 2009 due to a different Korean software middle-ware requirement, WIPI, which has since been deprecated. With WIPI dead and buried, Apple released the iPhone to great fanfare in the Korean market and Blackberry has also launched in the Korean market.



