Opportunity 2012: Compliance Changes Driving IT Spending
Online banking institutions will be held accountable to more rigorous security demands from the Federal Financial Institutions Examination Council (FFIEC) in January. That's when examiners begin assessing financial institutions according to risk assessment best practices including better fraud protection and use of layered security technology to augment the multi-factor authentication laid out by the last update to FFIEC's guidance set out in 2005.
While IT compliance initiatives may not necessarily make your heart race the way news about an iPhone 5 would, they could make your CFO's heart race. That's because regulatory requirements are a big part of what's driving IT security spending and will continue to do so in 2012. IT solution providers are in a position to reap the rewards of this opportunity by helping customers prepare for changes in the coming year. Here's a look at seven regulatory compliance changes that you should have on your radar for 2012.