Latest regulatory move by sector: Farm Credit Administration proposes cyber risk management approach, reporting requirement

The Farm Credit Administration is proposing to rename and reorient its dated “E-commerce” regulations under the new title of “Cyber Risk Management,” with a 36-hour incident reporting mandate and a requirement for covered entities to adopt a “board-approved cyber risk plan.”

The FCA is “an independent federal agency that regulates and examines the banks, associations, and related entities of the Farm Credit System.” Its cyber proposal comes as federal agencies continue to update or create security requirements across critical infrastructure...