GAO: FDIC suffers from weak information security controls

Weak information security controls are putting financial systems at the Federal Deposit Insurance Corporation at risk, according to a new report from the Government Accountability Office.

The FDIC, the agency that guarantees the United States banking system, has failed to put in place a number of security measures, GAO found, including requiring strong passwords, reviewing user access, encrypting financial information, and protecting powerful database accounts and privileges from unauthorized use.

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