The Federal Deposit Insurance Corporation (“FDIC”) has been publishing FDIC Consumer News quarterly since 1993 to help people protect their money and avoid financial fraud and theft. In its Winter 2016 issue, the FDIC has focused specifically on online and mobile banking customers’ cyber security, providing strategies for protecting online banking accounts against online fraud and identity theft. See FDIC Consumer News Special Edition – Winter 2016: A Bank Customer’s Guide to Cybersecurity. Moreover, the Winter 2016 issue informs consumers about “what banks and bank regulators are doing to protect your money” – an important reminder to financial institutions about the FDIC’s regulations and resources.
Cyber Security Tips for Consumers
The FDIC offers several “Basic Security Tips” for consumers, including keeping software up-to-date, installing anti-virus software, using a firewall, trusting only reputable security companies, and being careful about where and how one accesses the internet. These informative (and multi-media) resources include:
Protect Your ‘Cyber Home’ With a Solid Foundation
Don’t Be an Online Victim: How to Guard Against Internet Thieves and Electronic Scams
On Guard Online
Going Mobile: How to Be Safer When Using a Smartphone or Tablet
Beware of Malware: Think Before You Click!
Beware of Phishing Scams: Don’t take the Bait
Using Social Networking Sites: Be Careful What You Share
For Parents and Caregivers: Tips for Protecting Your Child’s Personal Information
How Federal Laws and Industry Practices Limit Losses from Cyber Attacks
Cybersecurity for Small Businesses: Ways to Stay Protected
A Cybersecurity Checklist: Reminders About 10 Simple Things Bank Customers Can Do to Help Protect Their Computers and Their Money From Online Criminals.
FDIC Reminders About Financial Institution Cyber Security Obligations
Additionally, the FDIC notes that “financial institutions must be aware of current cyberthreats and take appropriate precautions in order to protect their customers’ money and personal information.” See “What Banks and Regulators are Doing to Protect Customers from Cyberthreats.” The FDIC promises consumers that “[b]anks have employees or use outside firms that work to prevent cyberfraud” and “must continually improve their information security programs so they can effectively respond to the latest cyberthreats.” For its part, the FDIC regularly conducts on-site examinations of FDIC-insured institutions to ensure compliance with federal cybersecurity laws and regulations, and provides educational tools for institutions to help identify risks and assess preparedness. These educational tools include video presentations, a “cybersecurity assessment tool” test of cybersecurity preparedness, and several publications. The FDIC also recommends that financial institutions “join industry organizations that provide reliable and timely information designed to help institutions protect critical systems from cyber threats.”
For more information on the FDIC’s educational tools and industry organizations, see our prior article: Bankers Take Note: the FDIC Expands its Cyber Security Outreach.
