Regulators look to set standards for banks' cyber defenses

Markets Associated Press

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.

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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.