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.
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
-
ArticleDigital wallets to speed up regulatory checks for recruitment, property transactions
You can already buy a coffee with your phone, but soon you could start a job or buy a house with it. Digital compliance wallets holding certificates and documents on smartphones are gaining traction worldwide.
-
ArticleU.K. delays audit reforms even as regulator piles on financial pressure
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
-
News BriefFTC ends appeal over noncompete ban but seeks public input
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.