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Banks ordered to promptly flag cybersecurity incidents under new rule -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This illustration, taken October 26, 2017, shows a 3D-printed Cyberword standing on a PC motherboard. REUTERS/Dado Ruvic

WASHINGTON (Reuters), a U.S. rule directing banks to immediately report major cybersecurity incidents to government officials was finalized by U.S. bank regulators on Thursday.

This rule requires banks to inform their regulator as soon as they discover a serious computer security breach. Not later than 36 hour after it is discovered.

If a security incident occurs that lasts more than 4 hours, banks must inform customers immediately.

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