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ARTICLE · 18 FEBRUARY 2022

US Banks Must Now Report Hacks Within 36 Hours

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The banking regulators of the Federal Reserve Board, Federal Deposit Insurance Corporation, and the Office of the Comptroller of Currency jointly announced a new rule requiring banking organizations...

United StatesFinance and Banking
Natasha Kohne
Natasha Kohne
Michelle Reed
Michelle Reed
Erica E. Holland
Erica E. Holland
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The banking regulators of the Federal Reserve Board, Federal Deposit Insurance Corporation, and the Office of the Comptroller of Currency jointly announced a new rule requiring banking organizations in the United States to notify regulators no later than 36 hours after identifying a cybersecurity breach likely to materially disrupt banking operations. According to the final rule, such an incident could include large-scale distributed denial of service (DDoS) attacks that disrupt customers' access to their accounts and hacking incidents that shut down a bank's operations for an extended period. The final rule also places separate notification requirements on companies that provide services to banks, such as data processing companies.

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