Featured Product

    FFIEC Issues Guidance on Authentication and Access Risk Management

    August 11, 2021

    The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems. The guidance sets forth risk management principles and practices that can support a financial institution’s authentication of users accessing financial institution information systems, including employees, board members, third parties, service accounts, applications, and devices and consumer and business customers authorized to access digital banking services. The application of these principles and practices may vary at financial institutions based on their respective operational and technological complexity, risk assessments, and risk appetites and tolerances.

    The guidance replaces the FFIEC members’ 2005 guidance titled “Authentication in an Internet Banking Environment” and 2011 guidance titled “Supplement to Authentication in an Internet Banking Environment.” Also rescinded are the OCC Bulletin 2005-35 titled “Authentication in an Internet Banking Environment: Interagency Guidance” and the OCC Bulletin 2011-26 titled “Authentication in an Internet Banking Environment: Supplement,” which conveyed the 2005 and 2011 guidance, respectively. The guidance:

    • highlights the current cybersecurity threat environment, including increased remote access by customers and users and attacks that leverage compromised credentials, and mentions the risks arising from push payment capabilities.
    • recognizes the importance of a financial institution’s risk assessment to determine appropriate access and authentication practices to determine the wide range of users accessing financial institution systems and services.
    • supports a financial institution’s adoption of layered security and underscores weaknesses in single-factor authentication.
    • discusses how multi-factor authentication or controls of equivalent strength can more effectively mitigate risks.
    • includes examples of authentication controls, and a list of government and industry resources and references to assist financial institutions with authentication and access management.

    The Appendix to the guidance presents examples of authentication controls and a list of government and industry resources and references to assist financial institutions with authentication and access management. The cybersecurity threat landscape continues to present significant risks to financial institutions, reinforcing the need for financial institutions to effectively authenticate and control access for users and customers to protect information systems, accounts, and data.

     

    Related Links

    Keywords: Americas, US, Banking, Authentication, Community Banks, Cyber Risk, Operational Risk, Internal Controls, Technology Risk, Third-Party Risk, Digital Banks, Regtech, OCC, FFIEC

    Related Articles
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7866