Regulators Look to Strengthen Cybersecurity Defenses

U.S. based financial regulators have told the FT that they are currently working on a cross agency approach to strengthen cybersecurity defenses; the new system could be in place by the end of this year and will eliminate the issue of different regulators looking at different issues; a person briefed on the plans tells the FT, “Under the new plans requests would come down to hundreds from thousands, and because the regulators are putting their heads together, the new tests are likely to be more stringent too.”; smaller banks are seen as a bigger issue since they cannot spend the same as big banks, but since they all have access to the same payments settlement system there is a risk for everyone; while a combined approach will helped domestically, banks will still face questions from abroad and wonder if there can be a global system put in place. Source.

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