The Federal Financial Examination Council issued warnings to banks urging them the enhance their cybersecurity systems.
The council is made up of representatives from U.S. banking regulators and they traditionally work with banks on “business continuity planning meant ensuring the company could recover from physical disasters, such as earthquakes or flooding.” However, now banks face a new array of threats such as cyberattacks “involving destructive malware on critical information systems or the institution’s underlying infrastructure including its back-up data centers.”