White Papers for Federal Financial Institutions Examination Council (FFIEC)
Information Security: It\'s Not an Option
IBM Security attacks against financial institutions and their customers are growing and are increasingly connected with consumer and corporate fraud schemes. Managing data security in todayfs distributed technology environment is much more complex because the function must go beyond an institutionfs boundaries to control security risks facing service providers, remote partners, and customers. In addition, the function now requires more coordination with fraud management professionals and firms with deep security expertise to effectively manage risks from breaches in data security.
Financial institutions are currently adapting security risk management to the new environment in the following ways:
Investing in security management tools that enable more proactive management of security, including intrusion prevention systems and automated vulnerability monitoring;
Increasing the formality, frequency, and business relevance of security risk assessments in part to meet higher regulatory standards for information security management; or
Outsourcing the most time-consuming security management functions to security services providers that have a deeper understanding of the nature of security threats and can react more adequately to each security event.
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