Home / Civilian / GAO: FDIC Security Program Concerns Put Financial Information, Systems at Risk

GAO: FDIC Security Program Concerns Put Financial Information, Systems at Risk

cybersecurityThe U.S. Government Accountability Office has warned the Federal Deposit Insurance Corporation‘s financial information and systems are at risk due to security concerns within the FDIC’s information security systems.

GAO said Thursday that the study conducted on FDIC showed the agency had vulnerabilities on the third-party softwares that supported its financial processing and lacked a process to rectify user access rights to its financial processing systems.

The agency recommended the FDIC’s chief information officer implement access control procedures that require the authorization of access rights modifications to be documented and a policy that will work to identify monitoring changes to critical files to be included during the audit.

FDIC has concurred with GAO’s recommendations to apply the new recommendations.

Check Also

SEC to Address Financial Technology Concerns, Innovations via New Hub

The Securities and Exchange Commission has opened a hub where it can coordinate with public and private sector entities to address concerns and initiate developments in financial technology.
 

Leave a Reply

Your email address will not be published. Required fields are marked *