US bank regulators are all set to issue new standards for banks to protect themselves from cyberattacks, reports Reuters. The proposal, expected to be finalized soon and binding on financial institutions with more than $50 billion assets, comes in the wake of US banks suffering serious losses from online thefts.

When the rules come into play they will require banks to employ the best cybersecurity tools available and be up and running within two hours of an attack, say officials.