cybersecurity
Bulletins

New rule requires cybersecurity issues to be reported within 36 hours

The rule goes into effect in May 2022.

A person working at a laptop

The rule requires banks to report cybersecurity incidents within 36 hours.

Photo: Stefan Wermuth/Bloomberg via Getty Images

Banks need to tell federal officials of large cybersecurity issues such as ransomware attacks within 36 hours under a new requirement approved Thursday.

The rule, which goes into effect in May 2022, requires that financial leaders report cybersecurity incidents like computer system problems, ransomware attacks and other online interruptions.

Ransomware attacks have been a major issue in recent months, including issues like the Colonial Pipeline hack and a breach on Kaseya software earlier this year. Lawmakers had also considered a bill earlier this year that would require financial institutions to report cybersecurity breaches within a day, rather than 36 hours.

Sarah Roach

Sarah (Sarahroach_) writes for Source Code at Protocol. She's based in Boston and can be reached at sroach@protocol.com

ransomware attackcybersecurity
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Bulletins