RiskTech Forum

Guardian Analytics: FFIEC Online Banking Security Readiness Study

Posted: 15 December 2011  |  Source: Guardian Analytics

This research study was designed to evaluate how financial institutions have responsed to the FFIEC Supplement to the Authentication in an Internet Banking Environment issued in June 2011. The results show that banks and credit unions have initially responded quickly to the Agencies’ updated expectations,
but still have significant work to do in preparation for their 2012 exams.

After providing a brief summary of the online banking risks that financial institutions are facing, this report provides a reminder of what the supplement covers, with particular emphasis on the Agencies' minimum expectations.

With this refresher in mind, this report then presents the survey results, which are encouraging from the perspective of financial institutions being actively engaged with improving their defenses, while also raising some
questions about how well financial institutions understand the minimum expectations expressed in the Guidance.

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