GUIDE TO COMPLIANCE:
FTC SAFEGUARDS RULE
Is Your Business Required to Comply?
- The Rule applies to financial institutions within the FTC’s jurisdiction - in this context, "institution" covers businesses like motor vehicle dealers, finance companies, consumer lenders, and account servicers.
- Impacted businesses must implement several tools, policies, and processes as part of an overall Information Security Program, including developing a risk assessment, monitoring access to customer records, encrypting sensitive data, implementing multi-factor authentication, developing an incident response plan, and even training staff.
- In December 2022, the revised Safeguards Rule deadline was extended until June 9, 2023 deadline. But that date has now passed and the FTC's mandatory compliance requirements are in effect!
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End-To-End Compliance For Your Business
- Designate the role of cybersecurity to a dedicated team of experts, who specialize in working with businesses to improve their overall security posture while complying with the FTC's requirements.
- Establish a plan to protect systems from potential bad actors and exposure to evolving cybersecurity attacks that could threaten the confidentiality and privacy of sensitive consumer information.
- Assess and implement the appropriate policies - both technical and procedural - to ensure customer information is securely protected and only accessible by authorized individuals.
- Ensure your information security program is operating effectively, from risk assessment to policy enforcement and even employee cybersecurity awareness training. Monitor, measure, and report.