At the July meeting of the National Credit Union Administration’s (NCUA) board, the agency approved a proposed rule which, if adopted as a Final Rule, would require credit unions to notify NCUA of certain cyber incidents. Under the proposed rule, a credit union that experiences a “cyber incident” would have to determine if it fits the definition of a “reportable cyber incident” and, if so, report the incident to NCUA no later than 72 hours after the credit union has a “reasonable belief” that a reportable cyber incident has occurred.
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