Inspector General Audit Sketchy on Risks to STAR System
An inspector general report on a Federal Reserve audit raises more questions than it answers regarding the security risks facing one of the Fed’s systems.
The Office of the Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau recently issued an executive summary of the audit, which focuses on the Fed’s Statistics and Reserve System, or STAR. It recommends the Fed strengthen information controls related to planning; security assessment and authorization; contingency planning; auditing; access control; risk assessment; and system and information integrity.
“Given that this system is classified as a moderately critical system, we must appreciate that it will be targeted for intrusion and corruption.”
STAR is a mainframe system developed in 1998 that supports the statistics and reserves functions at the Federal Reserve’s Board and banks. The system collects and edits more than 75 periodic statistical reports that are received from financial institutions, according to OIG. In addition, the system manages financial institutions’ reserve requirements and term deposits.
Source: http://www.inforisktoday.com/blogs/federal-reserve-infosec-concerns-raised-p-2024?linkId=20138971
by Eric Chabrow (GovInfoSecurity) • January 5, 2016