What the New Information Security Reporting Standards Mean for Financial Institutions 

Just as the massive SolarWinds hack emerged into public view, the FDIC, OCC and Federal Reserve proposed new joint rules that would impose more stringent breach reporting requirements on banking institutions and service providers. In this guest article, Buckley attorneys Jeffrey Naimon, Morari Shah and James Chou detail the new proposed joint rules, which require banking institutions to notify their primary regulators within 36 hours of certain computer-security incidents, and the rules' potential implications in the context of the current regulatory environment. See “How Will the Biden Administration’s Approach to Cybersecurity Impact the Private Sector?” (Dec. 20, 2020).

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