Earlier in the day, QuoVadis issued its first Bermuda-based digital certificates to Minister Webb and a group of international executives. QuoVadis is the world's first offshore commercial digital certificate authority (or CA) having signed its root systems on March 19, 2001.
Digital certificates are a form of secure electronic ID used on corporate and institutional networks to identify users and protect content. Known as public key infrastructure (or PKI), the technology is used online to enable strong access control, privacy, authentication of users, integrity of data, and non-repudiation. PKI also provides the mechanism for legally enforceable electronic signatures.
According to QuoVadis CEO Tony Nagel, "Bermuda and other offshore centers are focal points in the development of international e-business. Many local operations sit at the hub of business networks that extend around the world, dealing with high value transactions and confidential transfers of information. Use of a Bermuda certificate authority increases the overall security of our clients' businesses and reinforces their affiliation to their preferred offshore regulatory, legal, and fiscal environment."
QuoVadis is using e-security technology from Baltimore Technologies (NASDAQ:BALT; London:BLM), a global leader in e-security. "While the Internet itself may be borderless, business is not -- businesses want to align with the legal, tax, and regulatory frameworks of certain countries whether or not they are in the real world or cyberspace. Baltimore Technologies is pleased to work with QuoVadis in creating a commercial security service for Bermuda and other countries in the offshore world," said Aidan Gallagher, Executive Vice President of Global Business Development for Baltimore Technologies.
Ernst & Young served as the company's key advisor on strategic and policy issues. "Ernst & Young is proud to serve as QuoVadis' trusted business advisor," says Cam Johnston a Partner in the Security and Technology Solutions practice. "Sophisticated technology is not enough to support trust in e-business. QuoVadis has developed a world class trust service that includes the legal and operating framework to help companies integrate PKI into both their applications and their businesses."
In 1999, Bermuda was one of the first jurisdictions worldwide to enact legislation dealing with the formation of electronic contracts and the validity of digital signatures. Long a home to leading insurance and investment companies, the island now hosts a growing convergence of global e-business companies and service providers.
Minister Webb stated "The launch of QuoVadis invigorates Bermuda's e-commerce vision by making offshore PKI available on a commercial basis for the first time ever. We are also pleased to announce that QuoVadis will apply to become Bermuda's first authorized Certification Service Provider when its security accreditations are complete."
Given the technical complexity and risk management issues of running a Certificate Authority, many organizations prefer to outsource their PKI needs to "Trusted Third Parties" like QuoVadis. With its critical mass and PKI specialization, QuoVadis offers several options for organizations to outsource their digital certification needs, including custom hosted CAs.
In addition, QuoVadis offers a suite of trust products to assist clients in taking full advantage of PKI across their business. These include options for secure e-mail and web forms, access control, VPNs, smartcards, and others. The company has already commenced pilot implementations with several Bermuda-based companies and is developing vertical solutions with other industry-specific partners.
QuoVadis operates from a purpose-built secure data bunker located in Bermuda with highly resilient technical systems and telecommunications. "QuoVadis has developed a tailored trust model for the offshore world" said Stephen Davidson, Vice President of QuoVadis. "We are now developing peer certificate authorities in other offshore jurisdictions to facilitate the inter-relationships between our customers and their clients, employees, and business partners."
QuoVadis' equity partners include e-VentureCentre, an incubator specialized in offshore e-business infrastructure, and several international investors. e-VentureCentre is a joint venture between the Centre Group (a wholly-owned subsidiary of Zurich Financial Services) and Paragon Bermuda (a consultancy in e-commerce strategy and development).
NOTE:
Following is the text of the Bermuda Government proclamation signed using a QuoVadis digital certificate by the Hon Ms. Renee Webb, Minister of Telecommunications and e-Commerce, on March 23, 2001. It is the first official document from an offshore government to be digitally signed and encrypted using PKI.
Dear Mr. Nagel:
The Government of Bermuda is pleased to congratulate the employees and business partners of QuoVadis Limited on the successful launch of the first commercial certificate authority based in Bermuda.
With the passage of the Electronic Transactions Act 1999 (ETA), Bermuda was one of the first jurisdictions worldwide to enact legislation dealing with the formation of electronic contracts and the validity of digital signatures.
The launch of QuoVadis invigorates Bermuda's e-commerce vision by making offshore public key infrastructure (PKI) available on a commercial basis for the first time. PKI, which is the technology behind digital certificates and electronic signatures, enables online businesses to ensure privacy, authentication of users, data integrity, and non-repudiation.
With the addition of QuoVadis' locally based PKI, Bermuda offers a compelling suite of services to both our existing clients and new entrants that are seeking the optimal jurisdiction for their business.
QuoVadis will operate under Bermuda's Standard for Electronic Transactions, assuring clients that the company maintains good business practices and protects Bermuda's reputation for diligence. We are also pleased to announce that QuoVadis will apply to become the first authorized Certification Service Provider under the ETA when its security accreditations are complete.
With our tradition of public-private partnership, the principals of QuoVadis have played important roles in developing the island's e-commerce policies and direction. Again, the Government of Bermuda extends congratulations to QuoVadis and its partners, including Baltimore Technologies, e-VentureCentre, Ernst & Young, Paragon, and Sbi.
Sincerely,
The Hon. Ms. Renee Webb, JP, MP
Minister of Telecommunications and e-Commerce
About QuoVadis Limited
Based in Bermuda, QuoVadis Limited is the first offshore commercial certificate authority in the world. QuoVadis provides public key infrastructure (PKI) solutions to offshore-based entities, as well as to their global networks of employees, business partners, and clients. QuoVadis is a TrustedWorldTM partner of Baltimore Technologies. PLEASE NOTE: QuoVadis is spelled as one word. For more information, visit www.quovadis.bm.
About Baltimore Technologies
Baltimore Technologies develops and markets security products and services to enable companies to develop trusted, secure systems for e-business, the Internet and mobile commerce. Its products include a wide range of Public Key Infrastructure (PKI) products and services, access and authorisation management solutions, wireless e-security, cryptographic toolkits, content security products, security applications and hardware cryptographic devices. Baltimore's global professional services organisation offers a wide variety of consulting, training and deployment support to its customers worldwide. Baltimore Technologies markets and sells its solutions worldwide directly and through the TrustedWorld„¢ partner program. TrustedWorld includes many of the world's leading technology companies and a wide variety of global, regional and local business alliance partners.
Baltimore Technologies employs over 1,200 people worldwide and operates from 38 cities, with headquarters in Dublin, Ireland; London, UK; Boston, USA; and Sydney, Australia. Baltimore Technologies plc is a public company with dual listings on NASDAQ (BALT) and the London Stock Exchange (BLM).
About Ernst & Young
Ernst & Young, a global leader in professional services, helps clients to quickly and confidently make financial decisions designed to enhance value. Its 77,000 people in more than 130 countries have the industry and financial experience to provide fresh perspectives on operating in the new economy. Ernst & Young offers traditional audit and tax services, as well as customized services in corporate finance, online security, risk management, the valuation of intangibles, and e-business acceleration. In addition, legal services are available in various parts of the world where permitted. A collection of Ernst & Young's latest ideas on the new economy can be found at www.ey.com/thinkglobal.
Ernst & Young refers to the Canadian firm of Ernst & Young LLP and other members of the global Ernst & Young organization.