FDIC Issues Guidance on Instant Messaging
by Barbara Hurst, BOL GuruGuru Bios
Last year, the Federal Deposit Insurance Corporation issued guidance on public instant messaging network file-sharing. The guidance has background on the risks associated with such data exchanges and provides advice on how they can be mitigated.
Instant messaging is the popular communication channel that allows people to talk in real time over the Internet. Newer versions also allow users to share files. The software is free, easy to install and easy to use, and even if software is not permitted to be downloaded in a work environment, IM can still be accessed by sending messages directly from a Web browser. Employees restricted by slow dial-up connections may take advantage of faster networks at work to access public IM and share and download files, FDIC warned.
According to FDIC, IM access over the Internet may expose financial institutions to security, privacy and legal liability risks. The ability to download files and the built-in "buddy lists" create an environment to spread viruses and worms quickly. FDIC warned public IM also does not travel through a central server where traditional protection software is located.
Public IM also transmits unencrypted information accessible by anyone on the Internet, FDIC explained. In addition, IM information is not authenticated so there is no way to verify that a message really originated from the sender with whom the recipient believes he or she is communicating. They warned that chat sessions can be hijacked and users can be impersonated.
Banks should investigate what risks they face and establish policies that allow or restrict its use. The guidance gives suggestions for what types of policies can be established and what types of protections can be put into place. For information, go to www.fdic.gov/news/news/financial/2004/fil8404a.html
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 8, 10/04
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