The FFIEC warned Monday that Microsoft's discontinuation of support for the Windows XP operating system poses operational risks to financial institutions that still use it.
“The Federal Financial Institutions Examination Council agencies are jointly issuing this statement to alert financial institutions that the discontinuation of support for the Microsoft Windows XP operating system (XP) could present operational risks to financial institutions, technology service providers (TSPs), and to activities supported by other third parties,” said the statement released on Monday.
“The agencies expect financial institutions and TSPs to identify, assess, and manage these risks to ensure that safety, soundness, and the ability to deliver products and services are not compromised,” said the FFIEC, which includes the NCUA as a member agency.
Microsoft's extended support for XP will cease effective April 8, 2014. After that date, Microsoft will no longer provide technical assistance, regular security patches, or other support for XP. The software giant quit selling XP in 2008. Extended support also will cease at the same time for Office 2003 software
“Potential problems include degradation in the delivery of various products and services, application incompatibilities, and increased potential for data theft and unauthorized additions, deletions, and changes of data,” said the FFIEC joint statement.
“Additionally, financial institutions and TSPs that are subject to the requirements of the Payment Card Industry Data Security Standard (PCI DSS) and continue to use XP after April 8, 2014, may no longer be compliant,” the statement also said.
The FFIEC recommends that financial institutions using XP follow their risk management processes to address the risks posed by continued use of the operating system.
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