U.S. Banks Face New Demands to Shield Themselves From Hackers

By Jesse Hamilton, Bloomberg News

Hackers who relentlessly pursue banks may run into tougher defenses as the Federal Reserve and other regulators force the biggest lenders to plug any vulnerabilities.

Banking agencies are set to issue a proposal Wednesday that requires the industry — and the outside firms that serve it — to better safeguard itself and customers. The plan instructs banks with more than $50 billion in assets and other systemically significant firms to establish board-approved protections that make them more aware of what’s happening in their own systems. The proposal also intends to prevent successful cyber attacks from spreading damage ...