DigiCert leads new PKI for financial industry security

DigiCert has been appointed by the American Standards Committee X9 to oversee a new Public Key Infrastructure (PKI) specifically designed for the financial services industry.

The newly established PKI infrastructure by X9 aims to offer a secure and interoperable communication framework for financial institutions, independent of browser-based certificates. The financial industry has witnessed significant operational disruptions due to interoperability issues in the past, particularly during the transition from SHA-1 to SHA-2 hashing algorithms. The adoption of a dedicated PKI seeks to prevent similar issues, providing financial institutions with enhanced flexibility and control amidst industry shifts.

The infrastructure provides a platform for financial institutions worldwide to access a secure communication system, supported by DigiCert's experience in PKI solutions. This initiative is intended to improve trust and cooperation within the industry, allowing organisations to establish and maintain secure communication channels devoid of browser dependency.

Lakshmi Hanspal, Chief Trust Officer at DigiCert, stated, "Our goal is to create a robust, interoperable infrastructure with the X9 root certificate that financial services organisations can rely on for secure communication. This initiative provides financial institutions with a trusted and independent PKI that is tailored to their unique use cases, ensuring they can communicate seamlessly and securely with each other. The X9 PKI is a significant step toward transforming security and interoperability in the financial services sector. By offering a dedicated, secure, and scalable PKI, DigiCert and X9 aim to set a new standard for trust and collaboration across the industry."

The financial sector's historical reliance on browser-managed certificates in areas beyond web servers has been problematic. With the shift to a new PKI system, institutions can design their own PKIs that better meet their trust and business requirements.

Key benefits of implementing the X9 Root Certificate PKI include independence from browser-controlled PKIs, enhanced interoperability, and improved security measures. It also offers scalability through cross-certification with the X9 root and compatibility with legacy systems, including considerations for post-quantum cryptography for future algorithm transitions. This infrastructure is crafted for global adoption, targeting financial institutions worldwide despite X9's U.S. base.

X9 Executive Director, Steve Stevens, commented, "The financial services industry requires a secure and reliable infrastructure to meet its unique challenges. DigiCert's expertise and proven leadership in PKI make the company the ideal partner to establish a dedicated root certificate and PKI for the financial sector. This initiative is a major step forward in enabling seamless and secure communication across institutions worldwide."

DigiCert's partnership with EONTI, a company with a strong background in PKI design and deployment, will be crucial in the development of the X9 root certificate infrastructure. EONTI recently played a key role in the selection of a "root of trust" for the Electric Vehicle charging sector, bringing valuable expertise to this financial project.