Federal Bank Regulators Adopt New Cybersecurity Incident Notification Rule for Banks and Their Third-Party Service Providers

On November 23, 2021, the federal banking agencies—i.e., the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies)—published a final rule (the Rule) that imposes new notification requirements on banking organizations and bank service providers following significant cybersecurity incidents.