Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


12:21 AM
Dark Reading
Dark Reading
Quick Hits

How To Boost Enterprise Security Via FFIEC Compliance

The banking industry's security guidelines might be your ticket to building out your security strategy. Here's how

[Excerpted from "How to Boost Security via FFIEC Compliance," a new report posted this week on Dark Reading's Compliance Tech Center.]

Security professionals working for or with financial services organizations are sure to have heard the term "FFIEC guidance" with regard to authentication in online banking. But what does it really mean? What is the FFIEC? And how can financial institutions leverage their compliance work for FFIEC into their broader security programs?

The Federal Financial Institutions Examination Council is an interagency body that sets and oversees standards and forms for federal examination of financial institutions by agencies including the Federal Reserve System, the Federal Deposit Insurance Corp., the Office of the Comptroller and the National Credit Union Administration. The first set of FFIEC guidance, FIL-103-2005, was issued on Oct. 12, 2005. The second set — FIL-50-2011, published on June 29, 2011 — supplements but does not replace the first.

The 2005 guidance was intended to help financial institutions understand the risks associated with online banking using singlefactor authentication. The guidance stated that single-factor authentication, when used as the only control mechanism, was not sufficient for "high-risk transactions involving access to customer information or the movement of funds to other parties." At the time, online banking was taking hold but was not yet commonplace. And mobile banking from smartphones and tablets was almost nonexistent.

By 2011, the landscape had changed dramatically. Online banking was on the rise from the smallest credit unions to the largest commercial banks, and new technologies, such as remote deposit capture for check deposits via mobile phone, were being rolled out by major financial institutions.

With the new landscape came new guidance from the FFIEC to address the change. The agency supplemented the 2005 letter with additional parameters for controlling and managing risk in Internet banking. All financial institutions are impacted by the new guidance, including those with total assets of less than $1 billion. However, the FIL does make note that the guidance is for "high-risk" online transactions specifically, and it also notes the differences between consumer and business accounts.

To find out more about the additional guidance offered under the 2011 guidelines -- and to learn how your organization can prepare for FFIEC examination and extend its FFIEC work to the rest of its enterprise security plan -- download the free FFIEC compliance report.

Have a comment on this story? Please click "Add a Comment" below. If you'd like to contact Dark Reading's editors directly, send us a message.

Comment  | 
Print  | 
More Insights
Oldest First  |  Newest First  |  Threaded View
7 Old IT Things Every New InfoSec Pro Should Know
Joan Goodchild, Staff Editor,  4/20/2021
Cloud-Native Businesses Struggle With Security
Robert Lemos, Contributing Writer,  5/6/2021
Defending Against Web Scraping Attacks
Rob Simon, Principal Security Consultant at TrustedSec,  5/7/2021
Register for Dark Reading Newsletters
White Papers
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you today!
Flash Poll
How Enterprises are Developing Secure Applications
How Enterprises are Developing Secure Applications
Recent breaches of third-party apps are driving many organizations to think harder about the security of their off-the-shelf software as they continue to move left in secure software development practices.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
PUBLISHED: 2021-05-14
An HTTP Request Smuggling vulnerability in Pulse Secure Virtual Traffic Manager before 21.1 could allow an attacker to smuggle an HTTP request through an HTTP/2 Header. This vulnerability is resolved in 21.1, 20.3R1, 20.2R1, 20.1R2, 19.2R4, and 18.2R3.
PUBLISHED: 2021-05-14
Hexagon G!nius Auskunftsportal before allows SQL injection via the GiPWorkflow/Service/DownloadPublicFile id parameter.
PUBLISHED: 2021-05-13
Piwigo 11.4.0 allows admin/user_list_backend.php order[0][dir] SQL Injection.
PUBLISHED: 2021-05-13
The Flask-Caching extension through 1.10.1 for Flask relies on Pickle for serialization, which may lead to remote code execution or local privilege escalation. If an attacker gains access to cache storage (e.g., filesystem, Memcached, Redis, etc.), they can construct a crafted payload, poison the ca...
PUBLISHED: 2021-05-13
Bitcoin Core 0.12.0 through 0.21.1 does not properly implement the replacement policy specified in BIP125, which makes it easier for attackers to trigger a loss of funds, or a denial of service attack against downstream projects such as Lightning network nodes. An unconfirmed child transaction with ...