Roundup: Regulators may set cybersecurity standards for banks; Galaxy S7 model fails test; more

REGULATORS CONSIDER SETTING CYBERSECURITY STANDARDS FOR BANKS

Federal regulators plan to require banks to adopt baseline safeguards to shield themselves from cyberthreats after a series of assaults cost the industry billions of dollars and shook consumer confidence, Bloomberg News reported.

The Federal Reserve is leading other agencies in crafting the protections, which would be minimum standards, said the people who asked not to be named because work on the measures isn’t public. The effort stems partly from a concern that as digital breaches become more frequent and aggressive, an attack could cripple the entire financial system.

The Fed is working with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., the people said. Further details on the agencies’ plans couldn’t be determined, so it’s not clear whether costly efforts that lenders have already undertaken would put them in compliance with what regulators propose. For the full article click here 

from cyber security caucus http://ift.tt/29t9uNR
via IFTTT