FFIEC Online Banking Security Readiness Study

This study, conducted in November 2011, reflects the input from more than 300 bank and credit union executives on what they’re doing to respond to the FFIEC Guidance Supplement issued in June 2011.

Key Findings:

• There IS Action. Overwhelmingly, banks and credit unions are in full gear to respond to the FFIEC’s elevated expectations, although the nature of their activity ranges from forming exploratory committees to deploying new technology solutions.
• Risk assessments are in full swing. Over half of institutions surveyed have already completed a risk assessment within the past 6 months and a large majority plan on conducting assessments on a monthly to quarterly basis.
• New anomaly detection technologies are being implemented. A majority of respondents indicate that they intend to implement new anomaly detection technology within 6 months.
• Closer Study of the Guidance is warranted. Despite the positive overall steps that institutions are taking, there is some disconnect between what they’re doing and the Agencies’ minimum expectations.

To download the complete report, including an overview of the fraud environment that lead to the FFIEC taking action, a summary of the new Agency expectations, and detailed findings, please complete the form below and click Submit.