Governance update
The Federal Reserve, FDIC and OCC announced enhanced procedures intended to reduce the cyber risk associated with highly sensitive bank examination information.
At a glance
- The agencies will prefer reviewing highly sensitive information at a bank's premises rather than transferring it to agency systems when practicable.
- Covered banks will be notified of a potential or confirmed material breach involving their information no later than 72 hours after discovery unless law restricts notification.
- The changes focus on reducing concentration and transfer risk around sensitive supervisory data.
- The announcement applies to the agencies' examination-information handling, not a replacement for banks' own incident-notification duties.
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