The Federal Trade Commission (FTC) extended the deadline for compliance with certain changes to its Safeguards Rule announced last year, in part because of labor shortages in the cybersecurity market.
The updates to the rule set to take effect Dec. 9 will now carry a compliance deadline of June 9, 2023. The Safeguards Rule affects nonbank financial institutions, requiring them to develop, implement, and maintain a comprehensive information security program.
