News & Analysis as of

Federal Trade Commission (FTC) Safeguards Rule Data Breach

Sheppard Mullin Richter & Hampton LLP

Reminder: FTC Safeguards Rule Notification Requirement Now In Effect

On May 13, the FTC’s amendment to the Safeguards Rule relating to the reporting of data breaches and security incidents, which were announced in October of 2023, became effective. As a reminder, the FTC’s Safeguards Rule...more

Furia Rubel Communications, Inc.

Embracing Data Privacy to Drive Business Growth with Aihong Yu, Chief Privacy Counsel of CDK Global

In this episode of On Record PR, Gina Rubel goes on record with Aihong Yu, Chief Privacy Counsel of CDK Global, to discuss how embracing privacy and security measures…...more

McGuireWoods LLP

Don’t Forget: It’s Time to Notify the FTC of Your Data Breach

McGuireWoods LLP on

This summer, the Federal Trade Commission (“FTC”) will once again tighten the belt on entities that offer financial products and services when another round of amendments to the Gramm-Leach-Bliley Safeguards Rule goes into...more

King & Spalding

FTC’s Amended Safeguards Rule Creates Unique Dilemma for Certain Organizations Who Have Experienced a Data Breach

King & Spalding on

On May 13, 2024, the FTC’s new rule (the “Rule”) requiring certain financial institutions to report cyber incidents to the Commission will go into effect. The Rule, which is an amendment to the Gramm-Leach-Bliley Act (GLBA)...more

Dunlap Bennett & Ludwig PLLC

The FTC’s Expanded Cybersecurity Requirements Affecting Non-Banking Small Businesses

The expansion of the FTC’s Safeguards Rule will require businesses to notify customers and the FTC of cyber breaches that had previously been excluded from reporting requirements. Previously, only banks had been required to...more

Hudson Cook, LLP

Data Security Déjà Vu: FTC Finalizes Notification Event Amendment to Safeguards Rule

Hudson Cook, LLP on

Does anyone else feel like Bill Murray in Groundhog Day, where his character keeps experiencing the same day over and over and over again? It seems like the Federal Trade Commission just amended the Safeguards Rule yesterday,...more

Benesch

FTC Amends Financial Institution Safeguards Rule to Include New Obligation to Report Notification of Data Security Breaches

Benesch on

The amended rule requires financial institutions to notify the FTC within 30 days of discovery of a security breach involving information of at least 500 consumers. ...more

Troutman Pepper

More Privacy, Please - September/October 2023

Troutman Pepper on

Editor’s Note: The FTC continues to crack down on privacy and cybersecurity, including issuing a new warning to tax preparation companies and entering into a consent decree with 1Health.io. VPPA and BIPA litigation continues...more

Cooley LLP

FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule

Cooley LLP on

On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more

Sheppard Mullin Richter & Hampton LLP

Impact of FTC Safeguard Rules Amendment on Breach Notification Timing

The FTC recently amended the Safeguards Rule to make non-banking institutions such as mortgage brokers, motor vehicle dealers, and payday lenders notify the FTC as soon as possible, and no later than 30 days after discovery,...more

Alston & Bird

FTC Approves New Data Breach Notification Requirement for Nonbanking Financial Institutions

Alston & Bird on

With an amendment to its Safeguards Rule, the Federal Trade Commission has joined other federal agencies regulating cybersecurity breaches. Our Privacy, Cyber & Data Strategy Team analyzes how the amendment will affect...more

Polsinelli

FTC Adopts Data Breach Notification Obligations for Non-Banking Financial Institutions

Polsinelli on

On October 27, 2023, the Federal Trade Commission (“FTC”) adopted an amendment to the FTC’s Safeguards Rule that will require non-banking financial institutions to notify the FTC within thirty days of discovering a data...more

WilmerHale

Updates to the Safeguards Rule Will Require Non-Banking Financial Institutions to Report Data Security Breaches to the FTC

WilmerHale on

On October 27, 2023, the Federal Trade FTC (FTC) approved amendments to its version of the Standards for Safeguarding Customer Information Rule (the Safeguards Rule) to require non-banking financial institutions regulated by...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Jaburg Wilk

New FTC Rule Expands Reach of Data Breach Notification Requirement to Non-Banking Financial Institutions

Jaburg Wilk on

In an amendment to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA), which was officially announced on October 27, 2023, the Federal Trade Commission (FTC) will mandate that a wide array of nonbank financial...more

Orrick, Herrington & Sutcliffe LLP

FTC approves amendment to Safeguards Rule requiring nonbanks to report data breaches

On October 27, the FTC approved an amendment to the Safeguards Rule to require nonbanks to report data breaches. Under the amended rule, financial institutions, including mortgage brokers, motor vehicle dealers, and payday...more

Jackson Lewis P.C.

Federal Trade Commission Expands Rule Regarding Reporting of Data Security Breaches

Jackson Lewis P.C. on

The Federal Trade Commission (FTC) has approved an amendment to its Safeguards Rule that will require non-banking financial institutions to report certain data breaches (or “notification events”) to the FTC (not affected...more

Perkins Coie

FTC Announces Data Breach Reporting Obligation Under GLBA Safeguards Rule

Perkins Coie on

Under an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) announced on October 27, 2023, the Federal Trade Commission (FTC) will require a broad range of nonbank financial institutions to notify the...more

Davis Wright Tremaine LLP

FTC Adds Data Breach Notification Requirement to Safeguards Rule

The Federal Trade Commission (FTC or Commission) has amended its Standards for Safeguarding Customer Information, commonly known as the "Safeguards Rule," to require non-bank financial institutions to report certain data...more

Troutman Pepper

FTC Amends Safeguards Rule to Require Reporting of Data Breaches

Troutman Pepper on

On October 27, the Federal Trade Commission (FTC) announced a final rule amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act. The Safeguards Rule requires nonbanking...more

McDermott Will & Emery

FTC Finalizes GLBA Safeguards Rule Amendments Requiring Data Breach Notification

McDermott Will & Emery on

On October 27, 2023, the Federal Trade Commission (FTC) finalized an amendment to the Safeguards Rule that will impose data breach reporting requirements on nonbanking financial entities subject to the Gramm-Leach-Bliley Act...more

Alston & Bird

FTC Approves New Data Breach Notification Requirement for Non-Banking Financial Institutions

Alston & Bird on

On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer...more

Kelley Drye & Warren LLP

Safeguards Snafu? The Anomalous New Provision in the FTC’s Gramm-Leach-Bliley Safeguards Rule

Last week, the FTC announced that it had finalized its rulemaking to add data breach notification provisions to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule. As expected, the new provisions require non-bank financial...more

Ballard Spahr LLP

FTC Announces New Safeguards Rule Breach Notification Requirements

Ballard Spahr LLP on

On October 27, the Federal Trade Commission (“FTC”) unanimously voted to amend the Safeguards Rule to require non-banking financial institutions to report data breaches and security events to the Agency. This amendment will...more

Husch Blackwell LLP

Federal Trade Commission Amends GLBA’s Safeguards Rule

Husch Blackwell LLP on

Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more

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