Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers

Title:
Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers
Subject: Notification incident
Agency: FDIC, Federal Reserve, OCC
Status: Proposed rule
Summary:

The OCC, Board, and FDIC (together, the agencies) invite comment on a notice of proposed rulemaking (proposed rule or proposal) that would require a banking organization to provide its primary federal regulator with prompt notification of any “computer-security incident” that rises to the level of a “notification incident.” The proposed rule would require such notification upon the occurrence of a notification incident as soon as possible and no later than 36 hours after the banking organization believes in good faith that the incident occurred. This notification requirement is intended to serve as an early alert to a banking organization’s primary federal regulator and is not intended to provide an assessment of the incident. Moreover, a bank service provider would be required to notify at least two individuals at affected banking organization customers immediately after the bank service provider experiences a computer-security incident that it believes in good faith could disrupt, degrade, or impair services provided for four or more hours.

FR Doc: 2020-28498
Date proposed: Dec. 18, 2020
Comments due date: April 12, 2021
Effective date:

Rule compliance date:
Agency release:

Related Reg Report item(s): Banking agencies jointly release proposal on ‘alerts’ required from banks when computer security impinged

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