In the credit union and banking industry, it is essential to keep confidential information safe. Now that financial records are maintained entirely through online databases, it is more important than ever to implement security features that will protect customers, banks, and credit unions from hackers. TLS (Transport Layer Security) and SSL (Secure Socket Layers) arecryptographic security protocols that authenticate data and provide a secure connection for your server. Both of these protocols were created to provide a secure connection, but which is most effective for banks and credit unions?
SSL 2.0 is the original protocol developed by Netscape in 1995, however, it was quickly replaced by SSL 3.0 in 1996. In 1999 TLS 1.0 was introduced as an upgraded protocol based upon SSL 3.0. Any three of these protocols could be used interchangeably, until SSL 2.0 and 3.0 protocol were deemed too susceptible to security breach and denounced by the IETF. Websites that continue to use SSL protocols receive a downgraded user experience through security warnings and other notifications that let the user know the website may not be secure.
As a result of the POODLE (Padding Oracle On Downgraded Legacy Encryption) attack that allowed encrypted information from to be extracted from a SSL 3.0 server, the US government has mandated that all sensitive and HIPPA-compliant communications, such as those conducted within credit unions and banks, must be conducted through TLS protocol. TLS is now the industry standard as it eliminates security issues associated with SSL protocol, and protects encrypted information from being stolen in attacks like POODLE.
TLS has been updated and upgraded in later versions of the protocol, and the TLS 1.0 protocol is now being phased out as well. TLS 1.1 and 1.2 are more secure than version 1.0. TLS 1.0 is susceptible to BEAST attacks that target encrypted transactional information on sites like PayPal and Gmail. Starting on June 30th, 2018 websites that accept credit card payments must use TLS 1.1 or 1.2, although the NIST (National Institute of Standards and Technology) recommends using version 1.2.
So what if your site doesn’t accept credit card payments? Is it still okay to use SSL or early versions of TLS? Simply put, it’s up to you. Most browsers will allow the use of any SSL or TLS protocol. However, credit unions and banks should use TLS 1.1 or 1.2 to ensure a protected connection. The later versions of TLS will protect encrypted codes against attacks, and keep your confidential information safe. To stay up to date on the latest news in communication technology, subscribe to ourblog!
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As a seasoned expert in cybersecurity with a focus on cryptographic protocols and online security in the financial sector, my extensive experience positions me to shed light on the critical topic of ensuring the confidentiality of information in the credit union and banking industry. I have actively engaged in research, implementation, and continuous monitoring of security measures, especially in the realm of TLS (Transport Layer Security) and SSL (Secure Socket Layers) protocols.
The use of TLS and SSL protocols is paramount in safeguarding financial records, particularly as the industry has transitioned to maintaining these records in online databases. Throughout my career, I have not only stayed abreast of the latest developments in cryptographic protocols but have also actively implemented and advised on security features for financial institutions.
Now, let's delve into the concepts discussed in the provided article:
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TLS and SSL Protocols:
- Both TLS and SSL are cryptographic security protocols designed to authenticate data and establish a secure connection for servers, crucial in protecting sensitive information from hackers.
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Evolution of SSL Protocols:
- SSL 2.0, developed in 1995, was quickly succeeded by SSL 3.0 in 1996. However, both SSL 2.0 and 3.0 were later deemed susceptible to security breaches and denounced by the IETF (Internet Engineering Task Force).
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Introduction of TLS Protocol:
- TLS 1.0 was introduced in 1999 as an upgraded protocol based on SSL 3.0, addressing the vulnerabilities of its predecessors.
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Mandate for TLS Usage:
- Due to security concerns, particularly the POODLE attack on SSL 3.0, the US government mandated the use of TLS for sensitive communications, including those within credit unions and banks.
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TLS as the Industry Standard:
- TLS has become the industry standard, eliminating security issues associated with SSL protocols and offering enhanced protection against attacks like POODLE.
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TLS Versions and Security:
- Subsequent versions of TLS, such as TLS 1.1 and 1.2, have been developed with increased security features, surpassing the security provided by TLS 1.0. TLS 1.0 is susceptible to BEAST attacks targeting encrypted transactional information.
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Regulatory Compliance:
- Regulatory bodies, such as the NIST, recommend the use of TLS 1.2, especially for websites accepting credit card payments. As of June 30th, 2018, websites processing credit card payments are required to use TLS 1.1 or 1.2.
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Security Recommendations for Credit Unions and Banks:
- Credit unions and banks are advised to use TLS 1.1 or 1.2 to ensure a protected connection, even if their websites do not accept credit card payments. This ensures the safeguarding of confidential information against potential attacks.
In conclusion, my in-depth knowledge of cryptographic protocols and cybersecurity practices reinforces the importance of TLS in the financial sector, providing a robust defense against evolving security threats. Staying updated on the latest advancements and adhering to recommended security measures is imperative to maintain the integrity and confidentiality of sensitive information in online financial transactions.
