US insurance regulator The Federal Deposit Insurance Corporation (FDIC) has awarded BearingPoint a contract, that could be worth as much as $23 million, to integrate and monitor its network security systems.
The contract is valued at $4.25 million for the first year and $23 million in total if four optional one-year extensions are exercised.
Under terms of the agreement, BearingPoint will support the FDIC's security programme serving as a focal point for an annual IT security self-assessment in addition to performing ongoing IT security monitoring activities.
These tasks are in addition to others that BearingPoint has been assisting the FDIC with since 2003, including certification and accreditation, security infrastructure review, system test and evaluation and security control implementation.
Marc Greathouse, MD, public services group, BearingPoint, says: "This new contract with the FDIC will provide us with greater opportunities for assisting the FDIC in the adoption of industry best practices, thereby improving operational efficiency, and providing greater agility in areas of responsiveness and innovation for the agency."
Virginia-based IT services provider Endeavor Systems will act as subcontractor for the engagement.
In June the FDIC warned thousands of current and former employees that their sensitive personal information was breached, leading to an unspecified number of fraudulent loan applications at a credit union.
Details of the security breach, which occured early last year, were not disclosed, but the FDIC did state that it was not the result of a computer security failure.