Banks Renew Cyber Glitch Reporting: Bureaucracy as Usual
Published Date: 1/31/2025
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is renewing its paperwork rules for banks to report computer security problems. They want to keep things simple and are asking for public feedback by March 3, 2025. This update helps keep banks safe without adding extra hassle or costs.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Banks must report major cyber incidents
If you are a banking organization, you must notify the OCC about a "notification incident" as soon as possible but no later than 36 hours after you determine it occurred. A "notification incident" covers computer-security incidents that materially disrupt or are likely to materially disrupt operations, business lines with material revenue loss, or operations that could threaten U.S. financial stability.
Service providers must alert banks after 4‑hour outages
If you are a bank service provider and determine a computer-security incident has materially disrupted covered services for four or more hours, you must notify at least one bank‑designated point of contact at each affected banking organization as soon as possible. This requirement applies to bank service providers as defined in 12 CFR part 53.
Paperwork burden and respondent counts
The OCC estimates this information collection affects businesses: Reporting respondents = 100, Disclosure respondents = 832, and the estimated total annual burden is 2,796 hours. The collection is identified by OMB Control No. 1557-0350 and the OCC has requested OMB extend approval.
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