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Taylor Herr

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FTC Strengthens Data Security: What The Newest Safeguards Rule Amendment Means For Financial Institutions

Posted by Taylor Herr on Oct 6, 2022 1:12:32 PM

In 1999, Congress passed the Gramm-Leach-Bliley Act, which requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.[1] The Act mandated the passage of the Safeguards Rule, which was promulgated by the Federal Trade Commission (FTC) in May 2002 and made effective May 2003.[2] In 2019, the FTC began working on amendments to the Safeguards Rule, and on December 9, 2021, the FTC finalized these amendments.[3] Depending on the classification of their financial institution, clients will need to understand the following rule changes and properly abide by the new FTC regulations.

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Topics: Cybersecurity, Penetration Testing, Risk Assessment, Banking, Financial Institutions

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