Regulatory Alerts2023-01-23
Reporting of Technological Failures and Cyber Incidents
The Supervisor of Banks in Israel mandates that banking corporations report significant technological failures and cyber incidents to the Banking Supervision Department to ensure optimal incident management and systemic stability. The directive requires initial telephone notification within two hours of identification, followed by written reports and daily updates, while designating specific Reporting Officers to handle these obligations. Furthermore, banks must conduct post-incident investigations and submit final lessons-learned reports to the regulator within 45 to 60 days of incident completion.
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