A Credit Union’s Guide to FFIEC Compliance with MFA, Logging, and Biometrics

To keep this sweet and simple, we’ll summarize the 18 page document released by the FFIEC with their guidelines regarding MFA, Logging, and Biometrics.

  1. Understand and Implement Essential Security Measures:

    • Ensure that your credit union has a comprehensive understanding of the FFIEC’s expectations regarding cybersecurity measures, particularly in areas like logging, MFA, and the use of biometrics.
  2. Develop a Robust Logging System:

    • Maintain detailed logs of all system and user activities to help in the early detection of unauthorized access or other security incidents.
    • Implement real-time monitoring and alerting systems to flag unusual activities for immediate investigation.
  3. Adopt and Strengthen Multi-Factor Authentication:

    • MFA should be mandatory for all online transactions and access to sensitive member information.
    • Utilize a combination of authentication methods (something the user knows, has, and is) to ensure a higher level of security.
  4. Incorporate Biometric Authentication Wisely:

    • Biometrics can offer a more secure and user-friendly method of authentication but require careful handling to protect members’ privacy and personal data.
    • Ensure that biometric data is encrypted and stored securely, with access strictly controlled and monitored.
  5. Educate Staff and Members:

    • Provide regular training for staff on the latest security threats and protective measures.
    • Educate members on the importance of cybersecurity, how to use MFA effectively, and the role of biometrics in protecting their accounts.
  6. Review and Update Security Practices Regularly:

    • Cybersecurity is an evolving field. Regularly review and update your practices to comply with the latest FFIEC guidelines and address new threats.
  7. Ensure Compliance with Privacy Laws:

    • When implementing biometrics and other authentication methods, ensure compliance with relevant privacy laws and regulations to protect members’ information.