Cybersecurity staffing woes play part in FTC Safeguards Rule delays
By 
Kyle Brasseur2022-11-17T17:05:00
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.
In announcing the delay in a press release Tuesday, the FTC acknowledged a letter it received from the Small Business Administration (SBA) that cited a shortage of labor and lack of external resources and necessary equipment as reasons trade associations felt they could not meet the Dec. 9 deadline.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFTC tweaks Safeguards Rule to address data breaches
Nonbank financial institutions must report certain data breaches to the Federal Trade Commission within 30 days of discovery under a new amendment to the agency’s Safeguards Rule.
-
PremiumCybersecurity challenges: Defense and disclosure
Experts share perspectives regarding the criticality of cybersecurity risks, what the response of management and boards should be, and how proposed disclosure requirements need to be incorporated into cyber-related responsibilities.
-
PremiumStudy: Healthcare overtakes finance as most breached industry in 2022
Healthcare organizations were under attack more than ever by cybercriminals in 2022, overtaking finance as the most breached industry, according to the latest analysis from Kroll.
More from Regulatory Policy
-
News BriefTrickle of CFPB lawsuit dismissals poised to become a flood
The Consumer Financial Protection Bureau (CFPB) has quickly become one of the most active agencies advancing the Trump administration’s pullback on prosecuting corporations, as it dropped yet another consumer protection lawsuit against a financial services company Wednesday.
-
PremiumUK’s deregulation drive raises compliance risk, say top lawyers
The United Kingdom’s latest effort to encourage regulators to pare down rules to attract companies and investment as a way to stimulate the economy has received mixed reviews from lawyers.
-
News BriefIs Google headed for a breakup? Second federal judge calls it a monopoly
A federal judge has ruled that Google “willfully engaged in a series of anticompetitive acts” in the advertising technology industry, the latest antitrust setback in what could become a string of losses for tech companies.