FED – Agencies propose requirement for computer security incident notification

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December 18, 2020

Agencies propose requirement for computer security incident notification

  • Board of Governors of the Federal Reserve System
  • Federal Deposit Insurance Corporation
  • Office of the Comptroller of the Currency

For release at 10:00 a.m. EST

Federal financial regulatory agencies today announced a proposal that would require supervised banking organizations to promptly notify their primary federal regulator in the event of a computer security incident. In particular, alerts would be required for incidents that could result in a banking organization’s inability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of a banking organization, or impact the stability of the financial sector.

The proposed rule is intended to provide the agencies with an early warning of significant computer security incidents & would require notification as soon as possible & no later than 36 hours after a banking organization determines that an incident has occurred.

In addition, the proposal would require service providers to notify affected banking organizations immediately when the service provider experiences computer security incidents that materially disrupt, degrade, or impair certain services they provide.

Comments on the proposal must be received within 90 days of its publication in the Federal Register.

Last Update:

December 18, 2020

Source: Federal Reserves

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