- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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