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From the 1st September 2023 Federally Insured Credit Unions must notify the National Credit Union Administration (NCUA),
‘as soon as possible, and no later than 72 hours, after the credit union reasonably believes it has experienced a reportable cyber incident or received a notification from a third party regarding a reportable cyber incident.’
The scope of report includes cyber incidents that actually or imminently jeopardizes……….an information system that is either the systems of a NCUA member or a third party supplier of a NCUA member, such as a cloud service provider, or by a supply chain compromise. Appendix A provides a reasonable first start list of examples of substantial incidents that likely would qualify as reportable cyber incidents.
The ruling is a further example of Federal agencies requiring cyber incident reporting. One could think that as one agency moves ahead with cyber incident reporting regulation, so others follow.
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #creditunions #cyberregulation #ncua
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