It's been over three months since the accidental disclosure. When will the final FFIEC authentication update be released? "I don't think we're any less safe," says Gartner's Avivah Litan. "We just need to step up enforcements."
Gigi Hyland, board member of the National Credit Union Administration, says the latest draft of authentication guidance is awaiting final signoff from just one member agency of the Federal Financial Institutions Examination Council.
The Internet is inherently insecure, and the only way to ensure today's evolving information systems is to build them upon three pillars of trust. This is the premise of Mike Ozburn, Principal at Booz Allen Hamilton, which has just authored a new white paper about these pillars.
Banking/security leaders aren't crazy about banking regulators telling them they could have done a better job detecting ACH fraud, and they're eager for more specific guidance on what to do going forward.
Recent incidents of corporate account takeover have pushed regulators, associations and practitioners to call for greater awareness and more collaboration between commercial customers and banks. But is there an ROI to enhanced awareness?
"Today's risk management professionals really need to take a strategic view of managing risk to be relevant in achieving the organization's expected outcome," says Philip Alexander of Wells Fargo Bank.
Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.