SEARCH FINANCIAL SERVICES INFRASTRUCTURE SECURITY SCIENCE INTERVIEWS

 

     

FDIC Requires Banks to Report Cyberattacks in 36 Hours

November 22, 2021

Federal bank regulatory agencies approved a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. The final rule requires a banking organization to notify its primary federal regulator of any significant computer-security incident as soon as possible and no later than 36 hours after the banking organization determines that a cyber incident has occurred.

Notification is required for incidents that have materially affected—or are reasonably likely to materially affect—the viability of a banking organization’s operations, its ability to deliver banking products and services, or the stability of the financial sector.

In addition, the final rule requires a bank service provider to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect banking organization customers for four or more hours.

Compliance with the final rule is required by May 1, 2022.

Terms of Use | Copyright © 2002 - 2021 CONSTITUENTWORKS SM  CORPORATION. All rights reserved. | Privacy Statement