RealNews

Report: FDIC Data Vulnerable

The Depression-era agency that protects Americans’ bank deposits has such lax security that major losses of money, information and other data are possible, congressional auditors said Friday. The report by the General Accounting Office, the investigative arm of Congress, said many weaknesses of the Federal Deposit Insurance Corp. result from its lack of a fully established security management program. The GAO studied 2003 audits of the FDIC’s Bank Insurance Fund, Savings Association Fund and Federal Savings and Loan Insurance Corp. Resolution Fund. Good controls established by an effective security management program are essential to ensuring that financial information is protected from misuse, improper disclosure or destruction, the GAO said. As it operates now, however, the FDIC is unable to ensure that such problems do not occur, the report said. Full Story

OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.