http://www.bankinfosecurity.com/fdic-improve-vendor-management-a-6053
By Tracy Kitten
Bank Info Security
September 9, 2013
Federal regulators are urging banking institutions to pay more attention
to vendor management in light of recent breaches, such as one that
compromised core processor Fidelity National Information Services, better
known as FIS.
During a recent Community Bankers Advisory Committee meeting in
Washington, D.C., examiners from the Federal Deposit Insurance Corp.
stressed the obligations banks and credit unions have to ensure that the
vendors they use maintain adequate levels of security.
Regulators regularly examine certain vendors to ensure that sensitive
information is sufficiently protected through the use of encryption and
other technologies. The vendors include those that have contracts with
banks for core banking services or that provide services covered under the
Bank Service Act.
The institutions that use those companies' products and services should
request reports on those examinations and follow up to ensure security
mandates are being met, regulators say. Due diligence is the
responsibility of the institution, not the examiner.
[...]
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