VIDEO
New 36 Hour Cybersecurity Incident Reporting Regulation for Banks & Bank Service Providers
Video Summary:
Big changes are afoot for the financial sector! The new cybersecurity incident reporting regulation for banks and bank service providers goes into effect on April 1, 2022. US banks that are regulated by OCC, Federal Reserve or FDIC will now be required to report significant cybersecurity notification incidents to their regulatory agency “as soon as possible” within 36 hours. This rule also requires bank service providers that provide covered services to banking organizations to report any “computer security incident” that results in impairment or likely impairment of four hours or more to a bank’s operations, processes, services, business or will pose a threat to the US financial stability. In this video, cybersecurity expert Sherri Davidoff, a noted speaker, author and CEO of LMG Security, and legal expert Michael A. Kleinman, a corporate special counsel in the Data Strategy, Security & Privacy and Technology Transactions practices for Fried Frank, will dive into the details on this new regulation, the reporting requirements and what your organization needs to do to stay compliant. We'll also provide a checklist for updating your incident response plans, tabletop exercises, vendor communications, and more. Tune in so you can get ready! You can also read our blog for more information on new an upcoming regulations: https://www.lmgsecurity.com/the-latest-us-cybersecurity-regulations-crackdowns-trends/
Big changes are afoot for the financial sector! The new cybersecurity incident reporting regulation for banks and bank service providers goes into effect on April 1, 2022. US banks that are regulated by OCC, Federal Reserve or FDIC will now be required to report significant cybersecurity notification incidents to their regulatory agency “as soon as possible” within 36 hours. This rule also requires bank service providers that provide covered services to banking organizations to report any “computer security incident” that results in impairment or likely impairment of four hours or more to a bank’s operations, processes, services, business or will pose a threat to the US financial stability. In this video, cybersecurity expert Sherri Davidoff, a noted speaker, author and CEO of LMG Security, and legal expert Michael A. Kleinman, a corporate special counsel in the Data Strategy, Security & Privacy and Technology Transactions practices for Fried Frank, will dive into the details on this new regulation, the reporting requirements and what your organization needs to do to stay compliant. We'll also provide a checklist for updating your incident response plans, tabletop exercises, vendor communications, and more. Tune in so you can get ready! You can also read our blog for more information on new an upcoming regulations: https://www.lmgsecurity.com/the-latest-us-cybersecurity-regulations-crackdowns-trends/
