(Bloomberg) — In response to a series of cyber attacks that cost the financial industry billions of dollars and shook consumer confidence, U.S. regulators plan to require banks to adopt baseline safeguards to shield themselves from similar incidents, said people with knowledge of the matter.
The Federal Reserve is leading other agencies in crafting the protections, which would be minimum standards, said the people who asked not to be named because work on the measures isn't public. The effort stems partly from a concern that as digital breaches become more frequent and aggressive, an attack could cripple the entire financial system.
The Fed is working with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC), said the people. Further details on the agencies' plans couldn't be determined, so it's not clear whether costly efforts that lenders have already undertaken would put them in compliance with what regulators propose.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
