Financial System: Federal Oversight of Computer Security Needs to Be Strengthened

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Report Type	Reports and Testimonies
Report Date	Feb. 21, 1990
Report No.	T-IMTEC-90-2
Subject	Banking regulation Computer networks Computer security Information security Electronic funds transfer Financial institutions Internal controls Lending institutions Securities regulation Stock exchanges Federal Reserve Communications System National Association of Securities Dealers Automated Quotation System New York Clearing House Interbank Payments System Securities Industry Automation Corporation Common Message Switch System Securities Industry Automation Corporation Intermarket Trading System Society for Worldwide Interbank Financial Telecommunications System Computer crimes

Summary:

GAO discussed its examination of computer security and federal oversight over certain critical financial and banking computer systems. GAO noted that: (1) there were no instances of hacker or virus attacks on the systems; (2) all of the systems had internal control weaknesses that would allow undetected security intrusions; (3) two systems had security weaknesses that increased the operational security risks; (4) none of the systems had an information security program; and (5) the Securities and Exchange Commission needed to take a more proactive role in ensuring the integrity of the systems. GAO also noted that: (1) control and management weaknesses increased security risks to the banking systems; (2) there were no reported instances of fraudulent fund transfers; and (3) there are uncertainties about regulatory authority over the banking systems.

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Financial System: Federal Oversight of Computer Security Needs to Be Strengthened