What’s Changed & What to Do Next
The FTC Safeguards Rule has been updated, and the new requirements are now in effect. Here’s what you need to know and do:
FTC Safeguards Key Changes
- Mandatory Breach Reporting: Financial institutions must now report certain security incidents to the FTC.
- Stronger Security Measures: The rule emphasizes more robust data security practices, including encryption, access controls, and multi-factor authentication.
Immediate Actions for Your Business
- Review and Update Your Information Security Program: Ensure your program aligns with the latest FTC Safeguards Rule requirements.
- Establish a Breach Reporting Process: Develop a clear procedure for reporting security incidents to the FTC.
- Train Your Staff: Educate employees on the updated requirements and their roles in safeguarding customer data.
- Review Third-Party Relationships: Assess the security practices of any vendors or service providers that handle customer information.
Don’t Wait, Act Now
Compliance with the FTC Safeguards is crucial for protecting your customers and your business. By taking proactive steps now, you can avoid costly penalties and demonstrate your commitment to data security.
Need Assistance?
OCD Tech specializes in helping financial institutions navigate the complexities of the FTC Safeguards. Contact us today for expert guidance and support.
