Federal Housing Finance Agency OIG: FHFA failed to follow its cloud-based computing requirements

“The Federal Housing Finance Agency (FHFA or Agency), established by the Housing and Economic Recovery Act of 2008, is responsible for the supervision, regulation, and housing mission oversight of Fannie Mae and Freddie Mac (together, the Enterprises), and the Federal Home Loan Bank System (FHLBanks) (collectively, the regulated entities), and the FHLBanks’ fiscal agent, the Office of Finance. Since 2008, FHFA has served as conservator of the Enterprises.”

“FHFA uses cloud services provided by contractors to process, store, or transmit certain FHFA mission-related and non-mission related information. FHFA also uses a number of cloud security tools provided by contractors to assist in the oversight and management of its General Support System (GSS). FHFA’s acquisition procedures directs that an information technology (IT) security clause is included in contracts for externally hosted information systems operated by a contractor on behalf of FHFA. In April 2018, FHFA established a methodology to prioritize resources on information systems, including those in the cloud, that present the greatest risk to the Agency. Among other things, for cloud-based GSS tools, the methodology requires the validation of the implementation of minimum security requirements and the inclusion of IT security provisions in cloud service contracts.

“We conducted this audit to determine whether FHFA followed its policies for cloud-based IT services. Our review period was April 2018 through April 2020.”

“We found that FHFA failed to follow its methodology by not validating the implementation of the minimum security requirements for its cloud-based GSS tools. We also found that FHFA did not include the required IT security provisions in some cloud service contracts.”

“Based on our findings in this audit, we make three recommendations in this report. In a written management response, FHFA agreed with our recommendations…”

Access the full 19-page report here.

Source: FHFA Failed to Follow its Cloud-Based Computing Requirements when it Did Not Validate the Implementation of Minimum Security Requirements for Cloud-Based Tools and Did Not Include Required IT Security Provisions in Some of its Cloud Service Contracts – September 17, 2020. Federal Housing Finance Agency OIG.

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