It’s short, to the point, and – as these things go – we think readable. It’s a new publication called FTC Safeguards Rule: What Your Business Needs to Know and it may be the resource you’re looking for to help your company comply with the revised Safeguards Rule.
After asking for public comments, hosting a national forum, and reviewing what consumers and businesses had to say, the FTC revised its Standards for Safeguarding Customer Information – better known as the Safeguards Rule – in December 2021. The Rule requires financial institutions within the FTC’s jurisdiction to have measures in place to keep customer information secure.
Are you covered by the Safeguards Rule? The Rule’s definition of “financial institution” is broader that you may think. FTC Safeguards Rule: What Your Business Needs to Know walks you through the analysis to help make that determination.
Did you create an information security program back in the day, but haven’t dusted if off in a while? The new publication serves as a reminder of your responsibility to revisit your program regularly to make sure it’s in step with your current business practices and emerging security risks.
Have you updated your program to reflect revisions to the Rule, which took effect in January 2022? The guide uses a to-the-point Q&A approach to address the questions you may have.