We all know the cost of regulatory compliance - how expensive it can be to meet the standards of HIPAA, HITECH and other industry guidelines. But two organizations this week learned hard lessons about the cost of non-compliance.
Jeff Kopchik of the FDIC says too much emphasis on what's "missing" from the FFIEC's new guidance detracts from regulators' intent: providing financial institutions with a guideline for securing online transactions.
For all the latest news and views, please visit the FFIEC Authentication Guidance Resource Center.
Gartner's Avivah Litan says regulators have done a nice job of emphasizing why and how banks and credit unions need to implement layered security that adequately addresses online risks. But the guidance falls short...
"The FFIEC guidance does a good job of addressing today's and yesterday's threats and suggested techniques, but it is not sufficiently forward-looking," says Gartner's Avivah Litan. "Two years from now, the guidance will be sorely out of date."