The US government will step in to toughen up the cyber-security of financial institutions that do not have up to scratch defences in place, under new plans from the Obama administration.
In proposed cyber-security legislation, the White House has set out plans to protect critical infrastructure such as the financial sector, electricity grid and transportation networks.
These firms will have to work with the Department of Homeland Security (DHS) to identify the most important cyber threats and vulnerabilities before then developing their own frameworks.
A third-party, commercial auditor and the Securities and Exchange Commission would then assess their plans and if they are not deemed strong enough the DHS, working with the National Institute of Standards and Technology, could step in to modify them and work with firms "to help them shore up".
The White House proposals are similar to planned legislation in the Senate and pave the way for law in the near future.