Originally Published: Thursday, 20 January 2000 Author: Derrick H. Lewis
Published to: news_enhance_security/Security News Page: 1/1 - [Printable]

Curb on Net security imports to go.

[STI] The Info-Comm Development Authority of Singapore (IDA) will lift control on the import of cryptographic products from Jan 21 to boost e-commerce. The IDA said the Trade Development Board will amend the relevant regulations to lift the control. Companies now have to apply for permission to import these products and the approval may not be granted.

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Curb on Net security imports to go

BOOST FOR E-COMMERCE

THE Info-Comm Development Authority of Singapore (IDA) will lift control on the import of cryptographic products from Jan 21 to boost e-commerce.

Cryptographic products protect electronic data from hackers and ensure the security of online transactions.

IDA said the Trade Development Board will amend the relevant regulations to lift the control. Companies now have to apply for permission to import these products and the approval may not be granted.

At stake in Singapore is millions of dollars of transactions done online -- as much as US$600 million (S$1 billion) last year, according to US research house Gartner Group, rising to US$2.1 billion this year and as much as US$11 billion by 2003.

"IDA believes that the lifting of the import restrictions will further promote confidence among companies to conduct e-commerce in Singapore...companies are encouraged to use cryptographic products that meet their business needs," it said.

the lack of security on the Internet is seen as a major obstacle to e-commerce worldwide.

A recent global survey of 621 firms, including those in Singapore, by DHL Worldwide Express found that 69 per cent of its respondents cited online security as a barrier to e-commerce.

"Security still dominates company's fears of e-commerce," said DHL global e-business director Etienne de Longvilliers.

Companies contacted last night welcomed the move.

"It's a good thing since it means more choices are now available. Companies here need stronger (cryptographic) products," said Mr Leslie Loh, chairman of System Access, which develops banking software.

The Singapore Government is on a major drive to promote e-commerce, which it sees as a potential growth engine in the near future.





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