Feds Give Banks 36-hour Deadline for Reporting “Material” Cyber Incidents 

Our prediction is plenty of wrangling on the definition of “materiality.” “The new requirement applies to any cybersecurity incidents that are expected to materially impact a bank’s ability to provide services, conduct its operations or undermine the stability of the financial sector. The rule was approved by the Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.”

Source: New U.S. Rule Requires Banks to Promptly Report Cyber Incidents

Mark Sauter

Mark Sauter’s insights on the financial, policy and security elements of cyber insurance are based on years of experience in the investment banking, media and business worlds. Co-author of the McGraw Hill university textbook “Homeland Security: a Complete Guide,” Sauter was also a consultant to one of the world’s largest software companies and served as a US Army Special Forces and infantry officer.