U.S. Banks to Face Heightened Cybersecurity Reporting Requirements

By Andrew Ackerman

WASHINGTON--U.S. banks face heightened reporting requirements around cybersecurity intrusions under a new rule completed Thursday by federal regulators, in a bid to boost information sharing of cyber threats.

Under the new requirements, a bank must notify its primary federal regulator of any significant cyber intrusion within 36 hours of learning of the incident, the Federal Reserve said. Banks must comply with the new reporting requirement by May.

"This requirement will help promote early awareness of emerging threats to banking organizations and the broader financial system," the Fed said in the rule, which was also approved by the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

Write to Andrew Ackerman at [e-mail]

(END) Dow Jones Newswires

11-18-21 1518ET