MBA`s Residential Technology Steering Committee (RESTECH) Releases Strong Authentication White Paper

 The Mortgage Bankers Association`s (MBA) Residential Technology Steering Committee (RESTECH) today released a white paper that addresses strong authentication within the real estate finance industry.  The goal of the paper is to evaluate the best methods for securing the sensitive and confidential customer information that financial institutions are trusted with each and every day. 

"As a financial organization, it`s vital that all security strategy is evaluated regularly due to the rapidly changing threat landscape," said Chris Burckhardt, member of RESTECH and Senior Vice President and Chief Information Officer of Pulte Mortgage.  "As the internet continues to evolve, companies will provide more information and services online so it`s critical that companies stay abreast of the latest security measures so they are better able to protect their customers` privacy and their business." 

The authentication process can be confirmed through the use of one or a combination of the following factors: something you know, something you have, and/or something you are.  Common security measures that meet one or more of these requirements include passwords, shared secrets and images, cookies, tokens, keystroke recognition and digital certificates.  The applications used depend on a business` particular needs and can be applied at many levels within an organization.  The usage can include customer and consumer eCommerce online users, business partners, employees with remote activity, enterprise- internal strong authentication and IT department system administrators with privileged rights. 

"When authentication solutions are identified and deployed, it`s imperative that awareness on the reasons behind the new authentication methods is provided," said Robert E. Story, Jr., CMB, MBA`s Vice Chair, Chairman of MBA`s Board of Directors Technology Steering Committee (BODTECH) and President of Seattle Financial Group.  "Regardless of the type of users who intend to use the technology, user training programs and sound awareness are necessary for successful implementation of the new process and technology."

The study outlines specific steps and actions for sound implementation which include the following:

-          Step 1: Identify the pieces

-          Step 2: Assign risk value

-          Step 3: Identify mitigating controls

-          Step 4: Determine likelihood and impact

-          Step 5: Evaluate moving beyond username and password

-          Step 6: Evaluate implementing a two-factor solution for your high risk areas

 
Aleis Stokes    (202) 557-2741 astokes@mortgagebankers.org