NCJ Number
85846
Journal
ABA Banking Journal Dated: (July 1982) Pages: 29,33,34,37
Date Published
1982
Length
4 pages
Annotation
The article discusses computer security with regard to consumer electronic funds transfer (EFT) transactions in terms of technical issues, managerial concerns, and insurance options.
Abstract
At a recent conference focusing on EFT which was sponsored by the American Bankers Association, the primary message to management was that technological solutions to EFT security are important, but that EFT security is primarily a 'people problem.' Managers should give priority to solutions addressing this aspect of security, such as procedural controls, hiring and training practices, audits, and access control. Management concerns also include hardware and software integrity, cryptography, and employee discipline. Managers should encourage employees to join professional societies that have codes of ethics and conduct. Providing employee services such as alcohol and drug abuse counseling can avert their potential criminal activity. Customer-selected identification numbers can provide problems for banks, as studies indicate that only 15 common words comprise 80 percent of all such identification codes. Financial institutions should investigate the advantages of insurance options developed in response to EFT security concerns. Lloyd's of London and the Surety Association of America now offer appropriate coverage to protect against loss through computer theft. No references are included.