/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

US banks ordered to report cyber incidents within 36 hours

US regulators have approved a new rule that requires banks to report any "significant" computer security incident within 36 hours of discovering it.

Be the first to comment

US banks ordered to report cyber incidents within 36 hours

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Banks must inform their primary federal regulator within the timeframe for incidents that have materially affected — or are reasonably likely to materially affect — the viability of their operations, their ability to deliver products and services, or the stability of the financial sector.

In addition, banks must notify customers as soon as possible if the incident has, or is reasonably likely to, materially affected these users for four or more hours.

Banks have to be compliant with the rule - which has been approved by the Federal Reserve, FDIC and OCC - by 1 May 2022.

Sponsored [Impact Study] Fraud and AML Case Management: How to Operate at the Speed of Risk

Comments: (0)

NextGenAI - Intelligent Banking, Intelligent Future - Save the date! - 26 November 2024 - LondonFinextra PromotedNextGen:AI - Intelligent Banking, Intelligent Future - Save the date! - 26 November 2024 - London