Public Key Infrastructure Digital Signatures and Systematic Risk  

The last few years have seen very considerable developments in the networks and technologies of electronic commerce, matched by the promotional and regulatory initiatives of international and national government towards electronic commerce. Of particular note have been the technological and regulatory developments in relation to public key cryptography and digital signatures. These regulatory developments arguably represent a promotion of an emerging Public Key Infrastructure as an international open network infrastructure for digital signature authorisation in electronic commerce. However, over the same period concerns have been growing in other international open network infrastructures, such as banking and finance, that such strongly inter-connected and inter-dependent infrastructures may be subject to systematic risk. Indeed, it appears that vulnerability to systematic risk is a characteristic of any complex open network. Therefore, the question can be posed whether the emerging Public Key Infrastructure is also vulnerable to systematic risk.

Murray, Jamie. JILT (2003). Articles>Communication>Open Source>Security