Cyber attacks continue to grow at a rapid clip. To battle endless online threats to financial markets and consumers, federal regulators plan to enact new cyber security standards.
The standards will apply to roughly forty banks and a range of financial companies with assets of $50 billion or more.
All of them will be required to use the most sophisticated anti-hacking tools on the market and be able to recover from any attack within two hours. This according to a statement from The Federal Reserve's Office of the Comptroller of the Currency.
Cyber security expert, Erik Knight.
(SOUNDBTIE) ERIK KNIGHT, PRESIDENT, SIMPLEWAN, (ENGLISH) SAYING:
"This new regulation, these items that are coming out, are a must. We're actually very behind the ball, and we need to be moving on these things. It's good to see some movement. But, I think, we need to go further and faster."
The new regulations are still in the works. Its final draft is expected in a few months, after input from the security industry.