BASEL II
Originally developed for
International Banks and Stirring Interest in US... New IT Security Standards may be on the way.
The new Basel Capital Accord
(Basel II) is an effort by international banking supervisors to update the original
international bank capital accord (Basel I), which has been in effect since
1988. The update aims to improve the consistency of capital regulations
internationally, make regulatory capital more risk sensitive, and promote
enhanced risk-management practices among large, internationally active banking
organizations.
Basel II applies to global
financial services organizations, specifically internationally active banks. In
the U.S., agencies responsible for Basel II include the Federal Reserve Board,
the Office of the Comptroller (OCC), the Federal Deposit Insurance Corporation
(FDIC), and the Office of Thrift Supervision (OTS), which make up the Federal Financial
Institutions Examination Council (FFIEC).The applicable framework for
information security in order to meet Basel II in the U.S. is the “FFIEC
Information Security Booklet (2003)”.Requirements that can be addressed by
security technologies include (from the security controls implementation
section of FFIEC): access rights administration, authentication, network
access, operating system access, application access, remote access, logging and
data collection.