Our lawyers provide an overview of some of the most significant developments in cybersecurity and data privacy in the United States in 2022 and look ahead to trends for 2023.
On Nov. 18, 2021, federal bank regulatory agencies approved a final rule requiring banking organizations to notify regulators of “any significant computer-security incident” as soon as.
Outlook for This Week in the Nation’s Capital - Congress. The House and Senate are both in recess this week. Congress has a long list of items they will need to address upon their.
Bank Groups Object to Proposed Breach Notification Regulation
DougOlenick) • April 15, 2021
The Office of the Comptroller of the Currency and two other agencies issued the proposed notification rule.
The American Bankers Association and three other groups have voiced objections to provisions in a cyber incident notification regulation for banks proposed by three federal agencies. For example, they say that the definition of a reportable computer security incident is too broad and would result in the reporting of insignificant events.
The proposed regulation would require banks to provide their primary federal regulator with prompt notification of any computer security incident that materially disrupts, degrades or impairs certain important business operations.
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Keypoint: April 12, 2021 is the deadline to comment on a proposed rule that would require banking organizations and bank service providers to promptly report computer-security incidents.
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively the “agencies”) are requesting public comment on a proposed rule requiring banks to notify the applicable agency within 36 hours when the banks believe in good faith that a significant cybersecurity event has occurred. Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers, 86 Fed. Reg. 2399 (Jan. 12, 2021).