A report by the General Accounting Office says many weaknesses of the Federal Deposit Insurance Corp. (FDIC) result from its lack of a fully established security management program.
Good controls established by an effective security management program are essential to ensuring that financial information is protected from misuse, improper disclosure or destruction, the GAO says. As it operates now, however, the FDIC is unable to ensure that such problems do not occur.
The GAO studied 2003 audits of the FDIC's Bank Insurance Fund, Savings Association Fund and Federal Savings and Loan Insurance Corp. Resolution Fund.
The report adds that the agency has not limited access adequately of authorized users or completely secured access to its network against unauthorized use. Auditors found that critical financial and sensitive personnel and bank examination information are at risk of unauthorized disclosure, disruption of operations or loss of assets because of the access control problems.
The FDIC protects bank and thrift depositors from loss caused by bank closures, insuring most deposits up to $100,000. It insures deposits in excess of $3.3 trillion in about 9,200 institutions. The organization agreed with the GAO's recommendations.
Good controls established by an effective security management program are essential to ensuring that financial information is protected from misuse, improper disclosure or destruction, the GAO says. As it operates now, however, the FDIC is unable to ensure that such problems do not occur.
The GAO studied 2003 audits of the FDIC's Bank Insurance Fund, Savings Association Fund and Federal Savings and Loan Insurance Corp. Resolution Fund.
The report adds that the agency has not limited access adequately of authorized users or completely secured access to its network against unauthorized use. Auditors found that critical financial and sensitive personnel and bank examination information are at risk of unauthorized disclosure, disruption of operations or loss of assets because of the access control problems.
The FDIC protects bank and thrift depositors from loss caused by bank closures, insuring most deposits up to $100,000. It insures deposits in excess of $3.3 trillion in about 9,200 institutions. The organization agreed with the GAO's recommendations.
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