ABA, financial groups express concerns about proposed cyber incident notification

ABA, financial groups express concerns about proposed cyber incident notification

In a separate comment letter, ABA also called on regulators to: continue to acknowledge the importance of voluntary notice of cyber incidents; clearly articulate definitions, expectations and implementation around the 36-hour notification time frame; develop flexible notice options; and offer flexible adoption timelines that account for differing needs and compliance resources available to banks. While the groups supported efforts to ensure clarity and consistency around the reporting of cyber incidents, they noted that as written, the proposal would require banks to report incidents that fall “well below the intended threshold of critical cybersecurity incidents.” Among other things, the groups urged the agencies to more narrowly target its definition of “notification incident” to include “only those incidents that result in ‘actual’ harm and that a banking organization ‘determines’ in good faith are ‘reasonably likely’ to cause the significant harms set forth in the rule.”

Source bankingjournal.aba.com

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