Feds Finalize Curbed Cyber Incident Reporting Rule For Banks

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By Ben Kochman (November 19, 2021, 9:15 PM EST) — Federal regulators have finalized a rule that will require U.S. banks to alert authorities about confirmed cybersecurity episodes within 36 hours, using a new narrowed definition of a cybersecurity “incident” after industry lobbyists criticized an initial draft.

In a joint notice published Thursday, the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency called for banks, starting in May 2022, to alert their primary federal regulator within 36 hours of learning about cybersecurity incidents that cause “actual harm” to the “confidentiality, integrity, or availability” of their computer networks.

Regulators said the rule is intended to allow…

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