Intro to FinTech

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Secure Socket Layer (SSL)

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Intro to FinTech

Definition

Secure Socket Layer (SSL) is a protocol for establishing a secure, encrypted link between a web server and a browser, ensuring that all data transmitted remains private and integral. SSL is crucial for protecting sensitive information, such as credit card details and personal data, during online transactions. It uses encryption to prevent eavesdropping and tampering, making it a foundational technology for maintaining payment security and preventing fraud in the digital landscape.

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5 Must Know Facts For Your Next Test

  1. SSL encrypts data using symmetric encryption during the session, which allows for secure communication without exposing sensitive information to unauthorized parties.
  2. SSL certificates are issued by trusted Certificate Authorities (CAs) that verify the identity of the organization applying for the certificate.
  3. In 2015, SSL was deprecated in favor of TLS due to vulnerabilities found in earlier versions of SSL, although the term 'SSL' is still commonly used to refer to both technologies.
  4. SSL helps in building trust with customers by displaying visual indicators like 'https://' in the URL and padlock icons in browsers, reassuring users of secure transactions.
  5. SSL not only protects payment information but also secures other forms of data exchanged online, such as login credentials and personal messages.

Review Questions

  • How does SSL contribute to the security of online transactions?
    • SSL enhances the security of online transactions by creating an encrypted link between the web server and the user's browser. This encryption prevents unauthorized access to sensitive data, such as credit card numbers and personal information, ensuring that only the intended recipient can read the information being transmitted. Without SSL, online transactions would be more vulnerable to attacks like eavesdropping or data interception.
  • What role do digital certificates play in the functioning of SSL, and why are they important?
    • Digital certificates are essential for establishing trust in an SSL connection by verifying the identity of the server that a user is connecting to. When a browser connects to a server using SSL, it checks the server's digital certificate against trusted Certificate Authorities (CAs) to ensure that it is legitimate. This verification process helps prevent phishing attacks and ensures that users are interacting with secure and authentic websites.
  • Evaluate the implications of deprecating SSL in favor of TLS on internet security practices.
    • The deprecation of SSL in favor of TLS has significant implications for internet security practices. With improved encryption methods and stronger authentication processes, TLS offers better protection against cyber threats compared to its predecessor. Organizations must update their systems to implement TLS, ensuring compliance with modern security standards. This transition also influences user trust; users expect secure connections indicated by 'https://' and padlock icons, making it critical for businesses to adopt TLS for maintaining customer confidence and protecting sensitive information.

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