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As cyber threats mount, will regulators force banks to require safeguards?

The Fed is said to be planning new regulations to require banks to adopt better safeguards to shield themselves and customers from cyber attacks.

By Jesse Hamilton | Updated on July 08, 2016

(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.

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