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Proposed Guidelines Aim To Improve Security On Commercial Bank Accounts

February 28, 2011|Cara Restelli | Contact KY3 Reporter

Springfield, MO — New steps could be on the way to protect small businesses from cyber theft.  A preliminary draft is circulating the banking industry, outlining new guidelines to protect small businesses from cyber theft.

The draft from the Federal Financial Institutions Examination Council puts greater responsibility on the shoulders of financial institutions to prevent fraud.  While it could be amended before it final release, according to Information Security Media Group, the current draft calls for better risk assessments to help banks respond to emerging threats, widespread use of multifactor authentication for high risk transactions, more layers to security controls, more effective authentication techniques, including stronger challenge questions, and more customer education initiatives.

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