Turning eighteen was a momentous birthday for most of us and the same could be said for the Gramm-Leach-Bliley Act’s Safeguards Rule. Finalized in 2002 and in effect since 2003, the Safeguards Rule requires “financial institutions” to develop, implement, and maintain a comprehensive information security program for handling customer information. The FTC announced last year that it was putting the Safeguards Rule under the regulatory review magnifying glass. The next step in the process is an event on May 13, 2020, Information Security and Financial Institutions: An FTC Workshop to Examine the Safeguards Rule.
What’s up for discussion at the May 13th workshop? Panelists will talk about possible Rule changes FTC staff has proposed and comments we received about them. In the meantime, here are four things we’re asking of you:
Send us relevant empirical data. As a Notice that will appear soon in the Federal Register explains, we’re especially interested in:
- price models for specific elements of information security programs,
- security standards for various industries,
- the availability of third-party information security services for businesses of different sizes,
- information about penetration and vulnerability testing, and
- the costs of encryption and multifactor authentication – and possible alternatives.
File a public comment. We’d like your feedback on how the Safeguards Rule is working. You have until June 12, 2020, to file a comment. Watch the Federal Register for details.
Suggest a panelist. Are you interested in participating on a panel or do you know someone whose perspectives would add to the conversation? Email us at email@example.com by March 13, 2020.
Save the date. Information Security and Financial Institutions: An FTC Workshop to Examine the Safeguards Rule will convene at the FTC’s Constitution Center conference facility, 400 7th Street, S.W., in Washington, DC. Can’t make it to DC on May 13th? You can watch the webcast live.
The purpose of this blog and its comments section is to inform readers about Federal Trade Commission activity, and share information to help them avoid, report, and recover from fraud, scams, and bad business practices. Your thoughts, ideas, and concerns are welcome, and we encourage comments. But keep in mind, this is a moderated blog. We review all comments before they are posted, and we won’t post comments that don’t comply with our commenting policy. We expect commenters to treat each other and the blog writers with respect.
- We won’t post off-topic comments, repeated identical comments, or comments that include sales pitches or promotions.
- We won’t post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups.
- We won’t post threats, defamatory statements, or suggestions or encouragement of illegal activity.
- We won’t post comments that include personal information, like Social Security numbers, account numbers, home addresses, and email addresses. To file a detailed report about a scam, go to ReportFraud.ftc.gov.
We don't edit comments to remove objectionable content, so please ensure that your comment contains none of the above. The comments posted on this blog become part of the public domain. To protect your privacy and the privacy of other people, please do not include personal information. Opinions in comments that appear in this blog belong to the individuals who expressed them. They do not belong to or represent views of the Federal Trade Commission.