The FTC Safeguards Rule that was extended last year will go into effect on June 9, 2023.

The provisions of the updated rule specifically affected by the six-month extension include requirements that covered financial institutions:

  • designate a qualified individual to oversee their information security program,
  • develop a written risk assessment,
  • limit and monitor who can access sensitive customer information,
  • encrypt all sensitive information,
  • train security personnel,
  • develop an incident response plan,
  • periodically assess the security practices of service providers, and
  • implement multi-factor authentication or another method with equivalent protection for any individual accessing customer information.

FADA has endorsed ComplyAuto as our  cybersecurity and safeguards compliance partner. For more information, please click here or contact Chris Cleveland ([email protected],  (385) 277-5882).

For more information on the FTC Safeguards Rule, click here.