Corillian Corp. (NASDAQ: CORI), the top provider of online banking and anti-fraud solutions to leading financial institutions, today announced it has received certification under security standard BS:7799, the most widely-recognized framework and standard for developing and certifying a company's security management system.
Corillian is the first U.S. online banking company to receive this certification and one of only 23 U.S. business organizations to be certified under the standard. This certification covers Corillian's entire business operating environment.
BS:7799 defines a comprehensive set of security controls that represent best practices in designing, deploying and managing an information security program. The security standard covers 10 control areas:
- Business Continuity Planning
- System Access Control
- System Development and Maintenance
- Physical Environmental Security
- Personnel Security
- Security Organization
- Computer & Operations Management
- Asset Classification and Control
- Security Policy
These control areas encompass more than 120 individual controls, which cover all of Corillian's internal operations as well as work related to the implementation and hosting of its Internet banking systems.
"We are extremely pleased to be the first online banking company to receive BS:7799 certification," said Jim Maloney, chief security executive of Corillian. "Corillian makes security a top priority with respect to protecting our customers' data and their end-users' personal information against all forms of Internet threats. By certifying Corillian against this standard, we are able to demonstrate to our customers and the industry that we have a comprehensive and effective security program, built on industry best practices. We look forward to continually enhancing our security program and maintaining a leadership position in this critical aspect of our business."
Customer confidence gained from certification under BS:7799 is key in light of the continued rise of Internet security breaches. According to a June 2005 Gartner report1 by Avivah Litan, more than 28 percent of the 5,000 online U.S. consumers surveyed say that online attacks have influenced their online banking activity; more than three-quarters of this group note that they log in less frequently, nearly 14 percent of them report that they have stopped paying bills via online banking.