FTC tweaks Safeguards Rule to address data breaches
By 
Kyle Brasseur2023-10-30T14:28:00
Nonbank financial institutions must report certain data breaches to the Federal Trade Commission (FTC) within 30 days of discovery under a new amendment to the agency’s Safeguards Rule.
The update to the rule, announced Friday, applies to cybersecurity incidents where the unencrypted information of at least 500 consumers is acquired without authorization. Covered entities must inform the FTC regarding the types of information accessed, the date range of the event, and the number of individuals affected.
The new requirement is scheduled to take effect 180 days after publication in the Federal Register.
Related articles
-
News BriefAdobe: Penalties possible in FTC subscriptions probe
Software company Adobe disclosed it could face “significant monetary costs or penalties” resulting from an ongoing Federal Trade Commission investigation into its disclosure and subscription cancellation practices.
-
News BriefSEC risk alert flags branch office cybersecurity controls
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
-
News Brief
SEC proposes Reg S-P updates on incident response, breach notifications
The Securities and Exchange Commission proposed amendments to its regulation requiring broker-dealers, investment companies, and registered investment advisers to establish policies and procedures to safeguard customer records and information.
More from Regulatory Policy
-
ArticleNine states collaborating on data privacy enforcement across state lines
Nine states are collaborating to write and enforce comprehensive data privacy laws, in an effort to protect consumers across jurisdictions and due to the absence of a broad, federal privacy law.
-
News BriefFINTRAC hits British Columbia crypto firm with record $125M penalty for AML failures
Canada’s financial intelligence agency has issued its largest-ever penalties against a cryptocurrency exchange, a fine of $126 million (CA$176.9 million). The agency said the exchange’s compliance failures represented a “severe breach of Canada’s anti–money laundering framework.”
-
ArticleNYDFS to firms: apply cybersecurity rules to third-parties
The New York State Department of Financial Services (NYDFS) wants financial firms to step up their game when it comes to third parties and cybersecurity.