US regulators have set out plans to strengthen the way they oversee big banks in a bid to protect the country's financial system in the event of a major cyberattack or technology failure.
The proposals, put together by the three federal banking watchdogs - the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency - would cover both American and foreign banks operating in the country with assets of $50 billion or more, as well as market infrastructure companies.
In a notice to affected companies - who now have 90 days to offer comment before rules are set - the agencies say that cybersecurity needs to be stepped up because the industry is both increasingly relying on technology and becoming more interconnected.
Under the plans, firms would be expected to use the most sophisticated anti-hacking technology available and have procedures in place to ensure they can recover from any attack within two hours. Each company will need to develop a cybersecurity risk management plan and incorporate it into their business strategies.
Read the full notice here:
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