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Will you be compliant on June 9, 2023?
82% of businesses underestimate their risk and don’t believe they are a target.
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FTC Safeguards Rule Compliance
The FTC Safeguards Rule is a regulation designed to protect sensitive information held by financial institutions. Under this rule, financial institutions must establish and maintain a comprehensive information security program that includes policies, procedures, and controls to safeguard customer information.
The rule requires financial institutions to identify and assess the risks to customer information, develop a written security plan that addresses these risks, and implement and maintain reasonable safeguards to protect against these risks. The security plan must be updated periodically to reflect changes in the business and the risks to customer information.
The rule also requires financial institutions to oversee their service providers, ensuring that they are capable of safeguarding customer information, and to train employees to be aware of the institution’s information security program and their role in implementing it.
In summary, the FTC Safeguards Rule requires financial institutions to take reasonable steps to protect customer information from unauthorized access or use, and to ensure that their service providers are doing the same.
Financial institutions are: automotive dealers, mortgage lenders, payday lenders, finance companies, mortgage brokers, account servicers, check cashers, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, and investment advisors that aren’t required to register with the SEC.
We can help:
- Be your service provider to oversee your information security program.
- Develop a written risk assessment.
- Limit and monitor those who can access sensitive customer information.
- Encrypt all sensitive information.
- Train security personnel.
- Develop an incident response plan.
- Periodically assess the security practices of service providers.
- Implement multifactor authentication or another method with equivalent protection for any individual accessing customer information.