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
-
ArticleCompliance must focus on corruption as EU and U.K. seek to tackle rising risks
Corruption isn’t something that happens somewhere else, in other countries and committed by other people. Nowhere is corruption-proof, and new rules being introduced in the EU and the U.K. aim to focus compliance officers on the full gamut of risks in all jurisdictions and every sector.
-
ArticleEmployment law in the age of AI: Compliance considerations
Employment law in the age of AI is evolving faster than many companies can keep pace. As more states enact AI laws and as more case law piles on, chief compliance officers and in-house counsel must ensure that compliance policies and procedures evolve as AI legal and compliance risks evolve.
-
ArticleCompliance must future-proof AI projects to meet evolving regulations
AI implementations are surging, but many new systems are being abandoned after companies have invested in expensive projects. Now evolving AI regulation is adding to the list of reasons why new systems may fail. Compliance must watch emerging regulatory developments and ensure that any new AI tools are capable of ...