Regulators looking to strengthen banks' cyber defenses
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October 20, 2016
WASHINGTON (AP) — Federal regulators are looking to set up new standards for big banks' planning and testing for possible cyberattacks. The aim is to bolster the banking industry's defenses amid concern over periodic security breaches at U.S. banks.
The move announced Wednesday by the Federal Reserve, the Federal Deposit Insurance Corp. and a Treasury Department banking agency is designed to get banks' senior executives and directors to pay closer attention to cybersecurity, agency officials said.
Fed Chair Janet Yellen has said that cybercrime is a "very significant threat."
The proposal, ope...
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