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Financial Institutions Will Be Rushing To Conform To New FFIEC Online Banking Security Expectations

Majority of institutions plan to invest in online banking defenses, but nearly half are unclear on FFIEC’s minimum expectations for layered security
MOUNTAIN VIEW, Calif., Dec. 15, 2011 —Guardian Analytics, the market leader in behavioral analytics-based fraud prevention solutions, today released results of the FFIEC Online Banking Security Readiness Study which examined the state of financial institutions’ preparations to meet the 2012 deadline set forth in the FFIEC Supplement to the Authentication in an Internet Banking Environment. The Study, conducted in November 2011, surveyed more than 300 executives responsible for online banking security decisions at more than 100 US-based banks and credit unions of all sizes. The findings highlight that institutions are acting on the new expectations, but many will still have to rush to meet the 2012 deadline. Further, most banks lack clarity on the minimum expectations for layered security outlined by the agencies in the Supplement.

The June 2011 Supplement was released in response to rapidly evolving online banking attacks and ongoing growth in online fraud losses. Regulators have stated they expect banks to have taken significant steps toward conformance with the updated expectations for ongoing risk assessments, enhanced layered security and customer education by January 2012.

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