ISMG Launches Survey Gauging Progress Toward Identity Theft Red Flags Rule ComplianceISMG Launches Survey Gauging Progress Toward Identity Theft Red Flags Rule Compliance
Princeton, NJ - June 16, 2008 - BankInfoSecurity.com - Information Security Media Group, publisher of BankInfoSecurity.com and CUinfoSecurity.com, launches its new Identity Theft Red Flags Survey. The study assesses the progress that financial institutions have made against the Nov. 1 deadline for compliance with what has proven to be one of the banking industry's top regulatory challenges of 2008.
The survey, entitled Identity Theft Red Flags Survey: How Does Your Institution Measure Up? is live now and may be accessed at: https://www.bankinfosecurity.com/surveys
The Federal Trade Commission estimates that as many as 9 million Americans have their identities stolen each year, so it's no surprise that stringent regulatory measures are being taken to combat this growing crime. As such, the Red Flags rule, first announced by regulatory agencies last fall, requires that financial institutions' Identity Theft Prevention Programs include reasonable policies and procedures for detecting, preventing and mitigating identity-related crimes against unsuspecting consumers. Institutions must also be able to identify relevant patterns, practices and specific forms of activity - or "red flags" - that signal possible identity theft.
But challenges abound. Creating and documenting these programs, and then implementing effective Identity Theft awareness efforts for board members, employees and customers is an arduous, resource-intensive and, often times, expensive endeavor for banks and credit unions of any size.
Which begs the question: Exactly how far along are financial institutions in their Red Flags compliance efforts? Information Security Media Group (ISMG) has set out to answer to this very important question with this new survey designed to gauge the Red Flags readiness of U.S. financial institutions. Specifically, the survey asks banking and security leaders to weigh in on their biggest Red Flags challenges, the resources they need to achieve compliance, and ultimately how successful their efforts have proven to date.
"No question, Red Flags is one of the top priorities of banking and security leaders," says Mike D'Agostino, Marketing Manager of ISMG, publisher of BankInforSecurity.com and CUinfoSecurity.com. "We hear about the topic everywhere we go, and it's proven to be one of the most popular content categories on our sites. We look forward to taking the pulse of the industry and giving institutions new data they can use to benchmark their own compliance efforts."
This survey will be live through June 27, and its results will be presented in an upcoming ISMG webinar, ID Theft Red Flags Roundtable - Tips from Regulators and Practitioners on How to Meet Nov. 1 Compliance (https://www.bankinfosecurity.com/webinarsDetails.php?webinarID=90), which is set to debut July 9. In addition to the survey results, this web event will include timely and relevant commentary from banking regulators and practitioners.
This Red Flags survey is the latest major research initiative from ISMG. The previous, the State of Banking Information Security 2008 (https://www.bankinfosecurity.com/survey.php), was administered last winter, resulting in a report that set the agenda for banking institutions' regulatory, security and management challenges for the year.
About ISMG: Information Security Media Group publishes BankInfoSecurity.com and CUinfoSecurity.com. With members representing over 13,000 financial institutions, and regular input from federal banking agency officers and their own board of advisors, ISMG delivers webinars and online training that is focused, timely and -- most important -- useful. Presented by actual practitioners and industry experts, each presentation (ranging from 90 minutes to two-plus hours) delivers how-to and practical information on the inner-workings of information security programs at financial institutions. For more on ISMG's training offerings, view the webinar calendar: https://www.bankinfosecurity.com/webinarsCalendar.php