The Board of Governors of the Federal Reserve System has decided to extend the Computer-Security Incident Notification rule for another three years without making any changes. This rule requires banks and certain financial service providers to promptly notify their federal regulators about serious computer-security incidents. They must report these incidents within 36 hours after identifying them if they lead to significant service disruptions lasting four hours or more. Despite a comment period, the Board received no feedback on this proposal.
Simple Explanation
The Federal Reserve System is keeping a rule that says banks have to tell their bosses really fast if a serious computer problem happens, like if the computer breaks for more than four hours. They are doing this for three more years, and nobody said anything about it during the time when people could have shared their thoughts.