Open Source Acceptance
The FDIC has introduced guidance to financial institutions regarding the use of “FOSS,” or “free and open source software.” It is a thoughtful piece and can be reviewed here. The basic conclusion is:The [Federal Financial Institutions Examination Council agencies] believe that the use of FOSS does not pose risks that are fundamentally different from the risks presented by the use of proprietary or self-developed software. However, the acquisition and use of FOSS necessitates implementation of unique risk management practices.
The advice has a balanced discussion of both operational and legal risks associated with open source software.
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