News & Analysis as of

Non-Bank Lenders 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

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

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

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

Sheppard Mullin Richter & Hampton LLP

Non-Banking Institutions Will Want to Review Security Measures in Light of Update to Safeguards Rule

The FTC recently announced a final rule updating its GLBA Safeguards Rule to “strengthen the data security safeguards” of consumer financial information. The FTC reported that it was making these changes in response to...more

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