With passage of the Gramm-Leach-Bliley Act (GLBA) in 1999, financial institutions were required to implement policies that protected critical electronic customer information for being accessed, disclosed, or used in an unauthorized manner. With data breaches making the news on an almost daily basis, IT security is now more important that ever.
The GLBA “Safeguards Rule” requires financial institutions to achieve three objectives related to data security.
The Federal Financial Institutions Examination Council, more commonly known as the FFIEC, is comprised of representatives from several financial agencies and organization including the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System. The FFIEC publishes guidance on how banks and other financial institutions can set about securing their IT assets and comply with the Safeguards Rule. Of particular note is the IT Examination Information Security Handbook published in 2006. It discussed key IT security objectives including how to protect information from a data breach as well as ensuring data integrity.
CimTrak assists in meeting various requirements from FFIEC Examination Handbooks as well as other guidance bulletins. These include :
Meeting FFIEC Requirements With CimTrak Download