Regulators order banks to brace for cyberattacks
Jeff Cox
CNBC.com
Wednesday, 19 Oct 2016
Big banks will have to toughen up their cybersecurity practices to protect customers against attacks, according to proposed new regulations.
Under the new rules, banks would have to employ the most effective controls available and be able to recover from a cyberattack within two hours. The proposals, released Wednesday by the Federal Reserve, FDIC and the Comptroller of the Currency, will focus on the 35 or so banks that have assets of more than $50 billion.
Banks will get several months to comment on the rules, which could be finalized in January.
“Covered entities would be required to be capable of operating critical business functions in the face of cyber-attacks,” the regulators said in a statement.
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