What new regulation from the FTC means for businesses

Regulatory bodies often release changes to their rules that widen the umbrella for the types of businesses that fall under their domain. While certain companies may have been exempt before, it’s always important to be ready should the changes redefine who qualifies. An apt example is last year’s Final Rule modifications by the Federal Trade Commission (FTC) to their Standards for Safeguarding Customer Information (Safeguards Rule). To keep pace with current technology, the FTC amended its Safeguards Rule, adding five main changes.

The most pertinent additions include an expanded definition of “financial institution” and new accountability rules requiring periodic reports to a company’s board of directors. The FTC’s changes to its Safeguards Rule seek to enforce stricter data security requirements amid increased cybercrime and mounting outcry from the public for greater protection of their sensitive information. The revised Safeguards Rule and its various provisions will be effective and financial institutions must prepare themselves accordingly.

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