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ICBA Supports BITS Efforts to Shore Up Software Security

Tuesday 9 March 2004 13:12 CET | News

The Independent Community Bankers of America strongly supports industry efforts led by BITS to promote a secure and confidential environment for the financial services sector, one of the nations critical infrastructures. The Business Requirements created by BITS members are the linchpin of these efforts.
BITS is a nonprofit consortium of 100 of the nations largest financial institutions. The Business Requirements encourage software vendors to provide a higher "duty of care" when selling to critical infrastructure companies by making security a fundamental component of software design; supporting older versions of software (such as Microsoft Windows NT) past the end of their estimated life cycle; and providing better security-trained and security-certified developers on product teams. In addition, the Business Requirements encourage software vendor compliance with sector-security requirements before software products are released and the development of a patch-management process that is more secure, more efficient and less costly. According to BITS, the cost of software vulnerabilities and patch management to the financial services industry is approaching $1 billion annually. According to the 2002 ICBA/InFinet Community Bank Technology Survey, approximately 59 percent of the respondents use Microsoft Windows NT. The Independent Community Bankers of America represents the largest constituency of community bank members in the nation and is dedicated exclusively to protecting the interests of the community banking industry. ICBA aggregates the power of our members to provide a voice for community banking interests in Washington, resources to enhance community bank education and marketability, and profitability options to help community banks compete in an ever-changing marketplace. For more information, visit ICBAs website at www.icba.org.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce