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NYSE
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Regulators Look To Set Standards for Bank’s Cyber Defenses

By on October 19, 2016

FILE - In this Feb. 27, 2013, file photo illustration, hands type on a computer keyboard in Los Angeles. Spring is a great time to clear out your digital clutter and make sure that you're adequately protected against hackers. A personal cybersecurity clean up should involve evaluating all your passwords, updating your software and taking stock of exactly where all your personal information is stored. (AP Photo/Damian Dovarganes, File)

In this Feb. 27, 2013, file photo illustration, hands type on a computer keyboard in Los Angeles. Spring is a great time to clear out your digital clutter and make sure that you’re adequately protected against hackers. (AP Photo/Damian Dovarganes, File)

WASHINGTON — 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, open to public comment for three months, would apply to banks with more than $50 billion in assets. That would affect several dozen major banks and a few big insurance companies.

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