News: US banking organizations must report breaches within 36 hours

American regulators have approved a new rule that requires banking organizations to report cybersecurity incidents within 36 hours.

These organizations will be required to inform their regulatory agency about security breaches that are likely to affect operations, services, or financial stability. 

Example breaches include phishing attacks, DDoS, malware attacks, and more. The rule carries wide reaching implications, and may impact national banks, foreign banks, associations, credit unions, and more. Additionally, the regulation will extend to companies that provide services to banking organizations.

“Computer-security incidents can result from destructive malware or malicious software (cyberattacks), as well as non-malicious failure of hardware and software, personnel errors, and other causes,” the Computer-Security Incident Notification Final Rule says. This rule will go into effect on April 1, 2022, but compliance is expected within 30 days.

The Bank Policy Institute, said in a statement that it supported the sweeping new rules.

Heather Hogsett, BPI’s SVP of Technology and Risk, stated, “BPI recognizes the value of timely notification and supports the final rule, which establishes a clear timeline and flexible process for notifying regulators and affected parties when a significant incident occurs,”

If your organization may be covered by this new regulation, reach out. Accume Partners helps organizations to get compliant before the time of enactment, and stay compliant.

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