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Verisign

Essay by   •  November 6, 2010  •  753 Words (4 Pages)  •  1,058 Views

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VeriSign Incorporated is the largest provider of managed security services on the Internet. They have three primary lines of business which include domain name registry services, related registration of Internet names, and on-line payment processing. These activities represent an element of providing commercial and governmental users around the world the necessary trust services such as identity authentication and content security. This security service will allow companies to implement e-commerce transactions with confidence.

The casino industry is moving into the online gambling process as it tries to increase revenues and profits. The federal government is currently proposing legislation to address the problems associated with on-line gambling such as underage gamblers. On-line gambling has unlimited potential revenue gains for the gambling industry. The Federal Trade Commission proposed rules for security involve three important principles: flexibility; technologically neutral, and reasonableness in light of the character of the information being held by the regulated entity.

Since every regulated business is subject to the FTC requirements, the companies are answerable to the regulators and their customers. VeriSign is currently working on appropriate treatment accorded its customers' personal identifiable information. This should become a key competitive difference in the future. The casinos will be very competitive as the on-line gambling increases. If gambling casinos can consult with VeriSign and modify some of their technological processes that take into consideration their customers and federal regulators, it will have a major impact on upcoming on-line gambling legislation. The casinos must assess the risk of compromising their customer information and comply with current federal regulations. By utilizing and modifying the security services of VeriSign, they could meet the needs of their customers and abide by federal regulations.

With the use of on-line gambling becoming more and more prevalent, the problem of money laundering will increasingly become a problem with the gambling industry. Merrill Lynch has initiated a money laundering plan called The Money Laundering Monitor and Broker Surveillance plan. They must conform to the USA Patriot Act that was designed to prevent terrorists from moving money around to fund their organizations. If the casino industry is going to pursue the course of on-line gambling this will be an issue for the industry. Merrill Lynch using this plan to analyze all financial transactions to help the company determine past, present, and future behavior of customers, employees, and business partners.

The casino industry will be deeply involved with on-line financial transactions. By utilizing the plan and modifying it to suit the needs of the various casinos, it will go a long way in preventing

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