Home Tech Federally regulated financial institutions face new technology and cyber incident obligations

Federally regulated financial institutions face new technology and cyber incident obligations

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The office’s updated Technology and Cyber Security Incident Reporting advisory amends an FRFI’s disclosure and reporting requirements in the face of technology and cyber security incidents like cyber attacks, extortion threats, third-party outages and data breaches, said a news release. The advisory, which seeks to promote a coordinated and integrated response to such incidents, lists the possible characteristics for a reportable incident.

An FRFI should report such an incident to its lead supervisor and to the Technology Risk Division at the office within 24 hours, then is expected to give the office regular updates of additional information acquired and situation updates such as remediation actions and plans. After the containment, recovery and closure of the incident, the FRFI should then provide the office a report covering the post-incident review and lessons learned.

The new advisory replaces the initial advisory, which…

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