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Data Privacy

Mar. 15, 2024

Non-banking financial institutions face increased data breach reporting obligations by FTC

An amendment to the FTC Safeguards Rule poses challenges and necessitates a strategic reevaluation of the data security and privacy policies of non-banking entities.

Daniel B. Garrie

Neutral, JAMS

Cyber Security

Cell: (212) 826-5351

Email: daniel@lawandforensics.com

David Shonka

Partner, Redgrave LLP

Shutterstock

In October 2023, the Federal Trade Commission (FTC) approved a significant amendment to the Safeguards Rule, enhancing the obligation of non-banking financial institutions to report certain data breaches and other security events to the agency. This amendment, which will take effect on May 13, 2024, represents a pivotal shift in the regulatory landscape for these institutions, fundamentally altering their responsibilities in the face of cybersecurity incidents. Compa...

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