FDIC Issues Spyware Guidance to Financial Institutions

The Federal Deposit Insurance Corporation (FDIC) has just issued specific guidance and recommended mitigation actions to financial institutions with respect to the risks posed by spyware. In light of recent spyware problems, hopefully the FDIC is on the right track.

As the FDIC points out, spyware refers to technologies that collect information without user knowledge and report that information to third parties. Certain forms of spyware, as noted by the FDIC, can intercept sensitive and confidential information about an organization or user, including passwords, credit card numbers and other identifying data. Thus, as appropriately recognized by the FDIC, spyware has significant confidentiality, integrity and availability implications for banks and their customers.

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