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.
Whether we like it or not, information really is king. This has been true for a while now, but it is even more clearly so now. In one way or another we now depend upon digital information for almost everything: to protect us, feed us, cloth us, entertain us and, most importantly, inform us. Erosion of trust in the integrity of the information that we mutually consume and produce effects us all in ways which may not be immediately harmful, but are none the less detrimental to us collectively. Information is king, but trust is paramount in such a world.