Summary of Proposed Rule Computer-Security Incident Notification Requirements

Updated 01/05/2021

This summary breaks not the Notice of Proposed Rulemaking by the Agencies that would require banking organizations and bank service providers to provide accelerated notices of certain cybersecurity and related events to the banking organization’s primary federal regulator. For banking organizations, notice to regulators would be required within 36 hours of a determination of the event. The proposal would also broadly expand the scope of regulatory cybersecurity notification obligations, going well beyond incidents that compromise personal information.

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