The following items were recently posted to the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) Web site: http://www.fdicig.gov/ under Publications. In cases where an OIG report includes sensitive or confidential information, the OIG may redact certain information in the report, and the report will be marked as such. In some instances because of the highly sensitive nature of the entire report, the OIG may not make the report publicly available and instead, a brief summary of the report is posted to the Web site.
In the first 10 months of 2006, over half of the 213 information security breaches reported by financial institutions to the FDIC involved technology service providers (TSP). In accordance with federal laws and regulations, financial institutions must safeguard sensitive customer information against unauthorized disclosure when outsourcing various information technology (IT) operations to TSPs.
Interagency guidelines contained in Part 364 of the FDIC Rules and Regulations establish key controls over TSPs, noting that each bank shall (1) exercise due diligence in selecting TSPs, (2) have contractual arrangements with their TSPs that require appropriate measures to safeguard customer information, and (3) provide ongoing monitoring of TSPs to ensure they have satisfied their contractual obligations.
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