Project description
Innovative security model for e-banking, e-finances and e-insurance
Cyber-physical systems refer to systems requiring interaction between computers, communication channels and physical devices. These are used in numerous transactions including banking processes, insurance infrastructures, financial procedures and others. Designed to make things easier, they also face many threats. The EU-funded CRITICAL-CHAINS project aims to offer a triangular accountability solution bringing a novel integrated security model and framework to effectively support privacy and protect from illegal transactions, money trafficking and internet fraud. Fast and client-friendly, thanks to innovative cloud-based “X-as-a Service”, it will be tested for social, ethical, legal and reliability values and validated for banking, insurance and financial markets.
Objective
Irregular and unaccountable transactions, cyber threats, non-user-friendly inefficient or impractical banking processes, complex contracting procedures and cumbersome financial market and insurance infrastructures constitute obstacles to European open market development. CRITICAL-CHAINS delivers a novel triangular accountability model and integrated framework supporting accountable, effective, accessible, fast, secure and privacy-preserving financial contracts and transactions to protect against illicit tranasctions, illegal money trafficking and fraud on FinTech e-operations. This is an innovative cloud-based “X-as-a Service” solution stack including several layers: 1) Data integrity checking by involving financial institutions in the distributed Blockchain network; 2) Transaction and financial data flows analytrics, modelling and mining; 3) Threat Intelligence & Predictive Modelling for Inter-Banks and Internet Banking, insurnace and financial market infrastructures; 4) Multilateral Biometric-based and Role-based Authorisation & Authentication; 5) Hardware Security Module (HSM) enabled Cyber-Physical Security, embedded systems & IoT security for secure access using Security-Privacy-Contexts Semantic Modelling; 6) Secure and smart use of Blockchain based on keyless signature infrastructure and hybrid (a)symmetric cryptography utilising truly random key generation. CRITICAL-CHAINS is to be validated within 4 case studies aligned with 3 critical sectors: banking, financial market infrastructures and the insurance sector. This will evaluate system reliability, usability, user-acceptance, social, privacy, ethical, environmental and legal compliance by scrutiny of the geo-political and legal framework bridging the European economy with the rest of the world. The Consortium respresents a strong chemistry of relevant expertise and an inclusive set of stakeholders comprising end-users (customers), CERTS, the financial sector (Banks & CCPs) and the Insurance sector
Fields of science
Keywords
Programme(s)
- H2020-EU.3.7. - Secure societies - Protecting freedom and security of Europe and its citizens Main Programme
- H2020-EU.3.7.6. - Ensure privacy and freedom, including in the Internet and enhance the societal, legal and ethical understanding of all areas of security, risk and management
- H2020-EU.3.7.4. - Improve cyber security
Funding Scheme
IA - Innovation actionCoordinator
RG6 6AH Reading
United Kingdom