FDIC Information Security: Improvements Made but Weaknesses Remain

GAO
GLBA

To the Board of Directors Federal Deposit Insurance Corporation:

We reviewed information systems general controls[Footnote 1] in connection with our calendar year 2001 financial statement audits of the Federal Deposit Insurance Corporation’s (FDIC) Bank Insurance Fund, Savings Association Insurance Fund, and FSLIC (Federal Savings and Loan Insurance Corporation) Resolution Fund.[Footnote 2] Effective information system controls are essential to ensuring that financial information is adequately protected from inadvertent or deliberate misuse, fraudulent use, improper disclosure, or destruction. Such controls also affect the security and reliability of nonfinancial information, such as personnel and bank examination information maintained by FDIC. Our evaluation included a follow-up review of the information security weaknesses identified at FDIC in our financial statement audits for calendar year 2000.[Footnote 3]

This report summarizes weaknesses in information systems controls over FDIC’s computer systems. We are also issuing a report designated for “Limited Official Use Only,” which describes in more detail the computer security weaknesses identified and offers specific recommendations for correcting them.

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