Federal Banking Agencies Issue Final Rule on Computer-Security Incident Notifications - Five Things To Know

Federal Banking Agencies Issue Final Rule on Computer-Security Incident Notifications - Five Things To Know

November 23, 2021, Covington Alert

On Thursday, November 18, 2021, the federal banking agencies issued a final rule requiring that banking organizations and bank service providers notify their primary federal regulator and affected banking organization customers, respectively, after determining that a reportable computer-security incident has occurred. These reporting requirements are intended to ensure that regulators are able to identify and take preemptive action against emerging threats to the financial system and that banking organizations receive prompt notice when a service provider experiences a computer-security incident that has caused, or is reasonably likely to cause, a material disruption to covered services.