Posted in: Compliance, cybercrime, In this week's e-newsletter, Latest News & Views, security
For the first time in nearly half a dozen years, the feds who oversee banks have issues new rules for online security at financial insitutions.
Top of the list: using minimal types of “layered security” and fraud monitoring to guard against the rising tide of cybercrime.
The recommendation for multi-factor authentication for business customers should be a no-brainer for any institution handling other folks money, but the feds obviously found that some banks don’t bother. And the guidelines tell banks that two elements of authentication is a minimum.
The rules come from Federal Financial Institutions Examination Council (FFIEC) and you can can visit their website to download a pdf of the new guidelines.
Be aware: The FFIEC says bank examiners will be checking up on whether these guidelines are being followed as of January 2012. That’s six months from now, in case you don’t have a calendar handy.
FinanceTechNews.com delivers the latest Finance news once a week to the inboxes of over 150,000 Finance professionals.