New Proposal Requires Banks to Immediately Flag Computer Breaches
We have seen many security breaches in recent years, varying from small merchants to large corporations that affect million of consumers. These breaches become even more serious when they happen at a financial institution. When they happen, the best thing to do is take action and make sure to go offer you finances and credit report to make sure that nothing is out of the ordinary. However, first you need to be notified that a breach has happened.
U.S. banks would have no longer than 36 hours after finding a cybersecurity breach to flag the issue to their regulators, under a new rule proposed last week, Yahoo reports.
The proposal from U.S. banking regulators would direct banks to notify their primary regulator as soon as possible after a breach is discovered that could impair services or the organization itself. Additionally, the rule would direct third-party service providers to promptly tell client banks of any breaches that would impair their services.
Some of the basic things a consumer can do, is to monitoring accounts closely, go over monthly statements, check credit reports regularly, use string passwords for your accounts, avoid using public Wi-Fi to access accounts etc..
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