Will Banks Be Able to Comply With the New 36 Hour Cyber Notification Deadlines?

03 May 2022 Internet, IT & e-Discovery Blog Blog
Author(s): Peter Vogel

BankInfoSecurity.com reported that “New cyber incident reporting rules are set to come into effect in the U.S. on May 1. Banks in the country will be required to notify regulators within the first 36 hours after an organization suffers a qualifying "computer-security incident."  The April 29, 2022 report entitled “New US Breach Reporting Rules for Banks Take Effect May 1” included these comments from Marcus Fowler (senior vice president of strategy engagements and threats at cybersecurity AI firm Darktrace):

This legislation is crucial because timely notification plays a significant role in restricting an attack's scale, especially for institutions dependent on threat intelligence for defensive capability,..

Cybercriminals often conduct attacks as part of broader campaigns, including executing supply chain attacks that affect dozens of victims.

Supply chain attacks are often industry-centric because of reliance on the same or similar software or supplier for business operations.

Once a campaign is discovered, attackers often accelerate their offensive operations to scoop up as many victims as possible before defenders can put a patch in place or broadly distribute an indicator of compromise,…

Please stay tuned to see how effective these new Rules are!

This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. It is not meant to convey the Firm’s legal position on behalf of any client, nor is it intended to convey specific legal advice. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Accordingly, do not act upon this information without seeking counsel from a licensed attorney. This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary. The information on this blog is published “AS IS” and is not guaranteed to be complete, accurate, and or up-to-date. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Foley or any of its partners, officers, employees, agents or affiliates be liable, directly or indirectly, under any theory of law (contract, tort, negligence or otherwise), to you or anyone else, for any claims, losses or damages, direct, indirect special, incidental, punitive or consequential, resulting from or occasioned by the creation, use of or reliance on this site (including information and other content) or any third party websites or the information, resources or material accessed through any such websites. In some jurisdictions, the contents of this blog may be considered Attorney Advertising. If applicable, please note that prior results do not guarantee a similar outcome. Photographs are for dramatization purposes only and may include models. Likenesses do not necessarily imply current client, partnership or employee status.