Tuesday, January 02, 2007

Banks Ready for Compliance Deadline

Dec. 31, 2006 will bring out an array of party hats, confetti, and noisemakers across the globe. But in the recesses of data centers in many banks and financial institutions, that date may give IT workers another reason to pop the champagne cork.

New Year's Eve is the final deadline for financial organizations to meet multifactor authentication requirements outlined by the Federal Financial Institutions Examinations Council (FFIEC), which helps to govern security requirements for banks and other organizations that handle consumer funds. The FFIEC guidelines, which were issued in October of last year, require financial institutions to deploy a second form of user authentication by Dec. 31 or face fines of $10,000 and up.

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