Banking Security
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The Gramm-Leach-Bliley Act (GLB), signed into law in November 1999, is one federal response to the implications of online banking, ecommerce, electronic records and the need to keep customer records secure. GLB requires banks to protect customer privacy and prove it. The requirements for security and privacy come together to make network and data integrity the foundation of a bank's IT policies and procedures.
Failure to comply with guidelines is no trivial issue. It can shut a bank down. There is the time lost in actual system downtime due to intrusion, time spent finding and repairing the damage, plus government-required shutdown until thing are fixed to their satisfaction. In addition, the Fed has the authority to levy fines and/or suspend a bank's charter for failure to comply.
Real-time intrusion detection and response mechanisms are key to the Fed recommendations, which cover the gamut from basic security procedures such as employee background checks, to technology-based strategies such as data encryption, and procedural responses such as reporting and information sharing with related government agencies.
The most versatile side of providing banking security is ensuring the safety of technological banking processes. This can include
Cash & bond transactions
Credit & payment card technologies
Electronic banking & data storage
ATM's
Point of service
Electronic Funds Transfer
Technology can enhance a banks ability to provide security and privacy...