“FTC Safeguards Rule Compliance & Cybersecurity FAQ”
The Federal Trade Commission Has Changed It’s Definition Of A Financial Institution! Do you know if your business is now considered a financial institution and subject to the Safeguards Rule?
- mortgage lender?
- payday lender?
- auto dealer?
- finance company?
- mortgage broker?
- account servicer?
- check casher?
- wire transferor?
- collection agency?
- credit counselor or other financial advisor?
- tax preparation firm?
- non-federally insured credit union?
- investment advisor?
Hopefully you have heard by now, the Federal Trade Commission (FTC) recently issued complicated new amendments to its Safeguards Rule, which will now require companies to undertake a series of procedural, technical, and contractual steps to protect consumer and other personal data. The amended Rule’s requirements must be completed by June 9, 2023. There is quite a lot that companies must do between now and the June deadline. The time for you to act is now in order to ensure compliance by the deadline.
In this educational free report, you’ll discover:
- What is the FTC safeguards rule?
- Why was it created?
- Who does it cover?
- What are the covered entities required to do?
- What is an information security plan?