WHAT IS THE FTC SAFEGUARDS RULE?

A recent revised U.S. Federal Trade Commission (FTC) ruling – the Safeguards Rule – requires non-banking financial institutions to develop, deploy and maintain a comprehensive security program to keep customer financial data safe. With the growing number of data breaches and evolving security threats, organizations need to advance their security programs to protect the confidentiality of customer information.

The updated rule requirements include:

• Planning and action to address “reasonably foreseeable internal and external risks” – including data breaches, data leakage, and ransomware
• Multi-factor authentication