On November, 18, 2021, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued a joint final rule to establish computer-security incident notification requirements for banking organizations and their bank service providers. The final rule's new definition narrows the focus to those incidents most likely to materially and adversely affect BOs, while still retaining general consistency with the NIST definition.
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Banking Organizations & Bank Service Providers Subject to New Computer-Security Incident Notification Rule Posted on: November 24, 2021 In: Data Privacy & Cybersecurity
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Fraud Liability for Government Contractors with Lax Cybersecurity Posted on: October 22, 2021 In: Data Privacy & Cybersecurity
The Department of Justice announced on October 6, 2021 the creation of a new Civil Cyber-Fraud Initiative to pursue penalties against government contractors who do not properly comply with the cybersecurity standards required by their contracts. This new risk, under the False Claims Act, means that CISOs should consult with their lawyers before starting cybersecurity compliance audits.
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