Federal Deposit Insurance Corp faulted for weak security. (Legal articles).(Brief Article)
Information Systems Auditor, September, 2002
The General Accounting Office (GAO), the US Government's leading watchdog, continues to produce critical reports about the inadequate information technology (IT) security practices adopted by government departments and agencies. In its most recent report on the subject, the Federal Deposit Insurance Corp (FDIC), established to maintain public confidence in the US financial banking system, is lampooned for its security failings.
In the USA, FDIC is an important institution. Created in the aftermath of the Wall Street crash of the 1930s, which caused the Great Depression, FDIC administers 10 000 financial institutions, insures $3.2 trillion of assets, manages $49 billion of deposits, has a budget of $1.2 billion and generates 2.7 million financial transactions on...
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