US Bank Regulators Draft Rules For Financial Services Cybersecurity

Proposed standards will require financial firms to recover from any cyberattack within two hours.

US bank regulators are all set to issue new standards for banks to protect themselves from cyberattacks, reports Reuters. The proposal, expected to be finalized soon and binding on financial institutions with more than $50 billion assets, comes in the wake of US banks suffering serious losses from online thefts.

When the rules come into play they will require banks to employ the best cybersecurity tools available and be up and running within two hours of an attack, say officials.

“Covered entities would be required to be capable of operating critical business functions in the face of cyberattacks,” said a statement from the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp.

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