In October 2005 the Federal Financial Institutions Examination Council (FFIEC) issued updated information security guidance for financial institutions offering internet-based financial products and services. The 2005 Guidance discussed the need for financial institutions to (1) utilize effective and well considered risk assessments in order to carefully evaluate the risk to an institution’s data in light of the nature and scope of the data services offered online; and (2) employ customer awareness and education as an effective means of reducing or eliminating risks associated with online banking.
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