2021 FFIEC Authentication and Access Guidance: Falling Short of Expectations
Report Summary
2021 FFIEC Authentication and Access Guidance: Falling Short of Expectations
Digital channel security is more important than ever, given the industry’s rapid digital acceleration.
Boston, October 6, 2021– In August 2021, for the first time in 10 years, the U.S. Federal Financial Institutions Examination Council provided updated guidance for digital channel authentication for financial institutions. The digital risk landscape has evolved and accelerated dramatically in the 10 years since the FFIEC’s last issued guidance. In some ways, the 2021 guidance significantly expanded in scope, adding authentication of entities internal to the FI, in addition to FI customers. In other ways, it fell short of many FI executives’ expectations, as they often leverage new regulatory guidance to advance business cases and help spur investment in more robust forms of security.
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