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Report: Fed to require banks to have better cybersecurity

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Report: Fed to require banks to have better cybersecurity

The FederalReserve and other U.S. regulators are reported to be considering imposing a cybersecuritybaseline for banks in the wake of continued and more aggressive attacks againstfinancial institutions, Bloomberg News reported July 8.

Citing "peoplewith knowledge of the matter," the news outlet said that the regulators, whichinclude the Fed, OCC and FDIC, are currently quietly working on the minimum requirements.Spokespeople for the agencies declined to provide a statement on the matter, Bloombergadded.

The agenciesare expected to seek public comment on the measures, to be followed by a periodof review before a formal proposal is put out — a process that could possibly continueinto 2017.

The move followsa spate of attacks in recent years, which include this year's and cybertheft of Bangladesh's central bank through the Societyfor Worldwide Interbank Financial Telecommunication, or SWIFT.