NCUA Cyber Incident Reports Required Within 72 Hours
Effective September 1, 2023, the NCUA will require all federally insured credit unions to notify the NCUA as soon as possible, within 72 hours after a reportable cyber incident has occurred.
“Each of us in the financial system has an obligation to protect our nation’s economic and financial infrastructure. And, credit unions must be included in conversations about critical infrastructure, as a whole. This final rule will facilitate such dialogue,” Chairman Todd M. Harper said. “Through these high-level early warning notifications, the NCUA will be able to work with other agencies and the private sector to respond to cyber threats before they become systemic and threaten the broader financial services sector. This final rule will also align the NCUA’s reporting requirements with those of the federal banking agencies and the Cyber Incident Reporting for Critical Infrastructure Act.”
Under the new federal rule, credit unions are required to report cyber incidents that lead to substantial loss of confidentiality, integrity, availability of member information or any incident that has a serious impact on the operational system.
All cyberattacks that disrupt business operations or vital member services must be reported within 72 hours.
To learn more about this ruling click here.
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