Security PS Simplifies Authentication Risk Assessment Process for Banks

Overland Park, KS – August 18, 2006 – Security PS, a thriving independent application and network security consulting firm, today unveiled a new service offering aimed at helping banks and other financial institutions identify and eliminate high risk threats to their Internet services. This announcement comes as both retail and commercial banking customers face increasingly sophisticated criminal attacks that seek to steal money or private information used for identity theft.

Last year the Federal Financial Institutions Examination Council (FFIEC) responded to these growing threats by updating their security guidance to financial institutions. The FFIEC is a government body responsible for establishing uniform principles and standards with which financial institutions must comply. One area of their oversight is the protection of online banking customers.

The FFIEC guidelines now require financial institutions to conduct a risk assessment of their online authentication controls. A risk assessment identifies the greatest criminal threats to the organization and its customers. The assessment findings are then used to plan corrective security changes in the environment. Financial institutions must complete a risk assessment by the end of the year to comply with FFIEC guidance.

While the FFIEC established the requirement for conducting a risk assessment, they did not provide organizations with the details necessary to complete this work. Responding to this need, Security PS created the FFIEC Authentication Risk Assessment consulting service.

"Our FFIEC Authentication Risk Assessment service helps financial institutions meet these requirements in an efficient and timely manner," said Steve Rodgers, President of Security PS. "We combine our financial industry experience with our application security expertise to quickly guide organizations through an easy and low cost risk assessment process." The final result of a FFIEC Authentication Risk Assessment is a summary of the current findings alongside a clear plan to correct the greatest security threats.

Security PS has a history of working with financial institutions to eliminate security gaps and improve the level of protection they can offer their customers. The firm's clients include American Century Investments, Commerce Bank, Jack Henry & Associates, and an assortment of other financial institutions, community banks and credit unions.

Both current and new clients will benefit by first consulting with Security PS about their plans. "Some organizations have narrowly interpreted the guidance from the FFIEC to indicate they must invest in two-factor authentication solutions," said Bruce K. Marshall, Security PS Director of Network Security. "However, both the FFIEC guidelines and the current criminal threats require financial institutions to do more. Our risk assessments identify the areas of actual need, which can save our clients money."

Security PS will host an upcoming webinar titled "The Truth About FFIEC Two-Factor Authentication Guidance" for financial institutions interested in learning more about the FFIEC guidance and completing their own risk assessment. Sign up for this free seminar, or learn more about this service, by emailing Security PS at info@securityps.com or by calling +1 (877) 977-7462.