It's not enough for banking institutions to conform to the FFIEC Authentication Guidance update. They also must ensure that their key vendors meet the same standards, says Philip Alexander of Wells Fargo Bank.
NIST's Ron Ross points out that its seminal security control guidance, Special Publication 800-53, contains only one privacy control, requiring agencies to conduct a privacy impact assessment. That will change by year's end.
The U.S. government wants to move many services online, but the inability to authenticate customers and develop Trusted Identities has kept agencies from making the transition. This is a problem that could soon be resolved, says Mike Ozburn, principal of Booz Allen Hamilton.
"These are projects that were already...
Former banking regulator William Henley has simple advice for banking institutions wondering how to comply with the new FFIEC authentication guidance update: "Start immediately, develop a plan, and document your progress."
Social media, mobility and cloud computing are new areas of risk for organizations, and risk managers need to go back to the fundamentals of understanding the information they are protecting, says Robert Stroud, ISACA's international vice president.
Now that the FFIEC Authentication Guidance update has been issued, there is no more important task for banking institutions than to conduct their risk assessments, says Matthew Speare of M&T Bank Corp.
Doug Johnson of the American Bankers Association says banking institutions should spend the next five months focusing on their risk assessments, as they work to meet the FFIEC's new authentication guidance update.