04-05-2014 01:33 AM
Network World - Banks and financial institutions regulated by the federal government must now monitor for distributed denial-of-service (DDoS) attacks against their networks and have a plan in place to try and mitigate against such attacks, a federal regulatory body said this week.
In what is ground-breaking regulation for bank security, the Federal Financial Institutions Examination Council (FFIEC) issued a notice defining six steps it wanted banks and other financial institutions to follow, including first setting up a program to assess risk to IT systems, then monitoring Internet traffic to the institution’s website to detect attacks, and being prepared to activate incident response plans with ISPs.
The FFIEC is an inter-agency body empowered to set standards on behalf of its members, which include the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Board. These are the primary regulators of finance, and as such the FFIEC’s dictum about DDoS compels the banking industry to confront the DDoS problem.
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