Independent Banker - July 2023 - 28

PORTFOLIO
FOCUS COMPLIANCE
Q&A: Computersecurity
incident
notifications
To prevent cyber incidents, new computer-security
incident notification requirements were established in late
2021, changing the way community banks need to react in
case of a cybersecurity event. By Mary Thorson Wright
n November 2021, the Office of
the Comptroller of the Currency
(OCC), board of governors of
the Federal Reserve System and
the Federal Deposit Insurance
Corporation published a final rule
to establish computer-security
incident notification requirements
for banking organizations and their
service providers.
While most of the provisions of
the new rule are consistent with the
announcements from the federal bank
regulatory agencies, there are minor
differences. Community banks should
ensure compliance with their primary
federal regulator.
Q: What is a covered notification
incident under the rule?
A: A computer-security incident
is an occurrence that results in actual
harm to the confidentiality, integrity
or availability of an information
system or the information that the
system processes, stores or transmits.
A notification incident is a
computer-security incident that has
materially disrupted or degraded, or is
reasonably likely to materially disrupt
or degrade, a banking organization's
ability to carry out banking
operations, activities or processes; or
deliver banking products and services
in the ordinary course of business.
Q: What is the computer-security
incident notification requirement
for community banks?
A: The final rule requires a banking
organization to notify its primary
federal regulator of any significant
computer-security incident as soon as
possible and no later than 36 hours
after the bank determines that a cyber
incident has occurred. Notification
is required for incidents that meet
the definition of a notification
incident. A bank service provider
is required to notify at least one
I
28 // ICBA Independent Banker // July 2023
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Independent Banker - July 2023

Table of Contents for the Digital Edition of Independent Banker - July 2023

Contents
Independent Banker - July 2023 - Intro
Independent Banker - July 2023 - Cover1
Independent Banker - July 2023 - Cover2
Independent Banker - July 2023 - Contents
Independent Banker - July 2023 - 2
Independent Banker - July 2023 - 3
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Independent Banker - July 2023 - Cover3
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