August 2021
FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems
(Aug. 11, 2021) – The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.
The guidance:
- Highlights the current cybersecurity threat environment including increased remote access by customers and users, and attacks that leverage compromised credentials; and mentions the risks arising from push payment capabilities.
- Recognizes the importance of the financial institution’s risk assessment to determine appropriate access and authentication practices to determine the wide range of users accessing financial institution systems and services.
- Supports a financial institution’s adoption of layered security and underscores weaknesses in single-factor authentication.
- Discusses how multi-factor authentication or controls of equivalent strength can more effectively mitigate risks.
- Includes examples of authentication controls, and a list of government and industry resources and references to assist financial institutions with authentication and access management.
The new guidance replaces previous documents issued in 2005 and 2011.
Agency | Contact | Phone |
---|---|---|
Federal Reserve | Chelcee Stearns | 202.452.5228 |
CFPB | Mike Robinson | 202.597.4022 |
FDIC | LaJuan Williams-Young | 202.898.3876 |
NCUA | Ben Hardaway | 703.518.6333 |
OCC | Stephanie Collins | 202.649.6870 |
SLC | Laura Fisher | 202.812.9813 |
Latest News
Thank you, Kelly and Matt, for your presentation and all the staff’s work on this ANPR. Sound…
2 min read
Thank you, Kelly and Matt for your presentation, and Gira for being available for questions. Thanks…
4 min read
The National Credit Union Administration Board held its third open meeting of 2024 and unanimously…
1 min read
Thank you, Kelly, Matt, and Gira, for your briefing on this advance notice of proposed rulemaking…
2 min read