US banks to report cybersecurity incidents within 36 hours
By MYBRANDBOOK
US regulators have approved a new rule that requires banks to report any "significant" computer security incident within 36 hours of discovering it.
Under the rule, banks must inform their primary federal regulator about incidents that have — or are reasonably likely to materially affect — the viability of their operations, their ability to deliver products and services, or the stability of the U.S. financial sector.
Banks must also notify customers as soon as possible if the incident has, or is reasonably likely to, materially affect their users for four or more hours.
The Federal Deposit Insurance Corporation (FDIC) said that the rules “would apply to only those entities that are insured or regulated by the three banking agencies (FDIC, Federal Reserve or Office of the Comptroller of the Currency), or organizations that provide services to a regulated bank.
The final rule, approved by the FDIC, the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (OCC), will take effect on April 1, 2022, with full compliance expected by May 1, 2022.
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