US banks harbor concerns over agencies’ cyber risk rule

The lack of a reporting template means “people can give the least amount of data possible”, warns a bank CISO, stymieing data sharing.

Reporting cyber attack

Sometimes it does take a sledgehammer to crack a nut. US prudential regulators have finalized a rule requiring banks to report major cyber incidents within 36 hours—a move they hope will help them intervene earlier on attacks that could affect the financial sector as they unfold.

But the rule doesn’t specify how and in what form the information is to be reported—nor does it precisely indicate how regulators will use the information they gather—leaving banks with unanswered questions.


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