Federal regulators want banks to follow better cyber security practices that include the most sophisticated anti-hacking tools on the market. Jeanne Yurman reports.
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.