Evolving technology can create new opportunities for cybercriminals to infiltrate your security systems. As a result, unexpected and unforeseen cybersecurity incidents can occur at a moment’s notice. It’s important to be prepared to respond to any scenario and to consider your obligations under Operating Circular 5 (OC 5) for those electronic services offered by the Federal Reserve Banks.
As a reminder:
- Review your obligations under OC 5, specifically as they relate to your organization’s notification and reporting requirements in the event of a security incident
- Always contact your regulator and trusted service providers to report any cybersecurity or ransomware events that may affect or could impact your payment operations (as outlined in Section 1.4 and Section 5 of OC 5)
- Socialize awareness and ensure your organization is prepared to respond to any unusual account activity or security incidents that could impact your FedLine® Solutions connection. Timely notification is essential to helping your organization respond and mitigate threats, and is an OC 5 requirement as well.
Please review OC 5 and ensure your organization is prepared to respond in the event of a security incident. If your organization observes or experiences a security incident that could impact your FedLine connection, notify the Federal Reserve Banks as soon as possible by contacting the Support Center at 833-FRS-SVCS(833-377-7827).
