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ARTICLE · 02 NOVEMBER 2021

FTC Updates GLBA Safeguards Rule, Seeks Additional Comments

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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Yesterday, the FTC announced an update to its Safeguards Rule ("Rule").

United StatesMedia, Telecoms, IT, Entertainment

Yesterday, the FTC announced an update to its Safeguards Rule ("Rule").  The update includes significant changes regarding the safeguards financial institutions may need to adopt as a part of an information security program, and adds board oversight and accountability requirements as well. The FTC also announced that it will seek public comments on whether there should be additional changes to the Rule.

The Safeguards Rule was originally promulgated in 2002 pursuant to the Gramm-Leach-Bliley Act ("GLBA"), one of the U.S.'s sectoral privacy laws governing the privacy and data security of financial institutions.  The GLBA requires financial institutions -- including mortgage brokers, motor vehicle dealers, and payday lenders -- to provide customers with information about the institutions' privacy practices, consumers' opt-out rights, and to implement security safeguards for consumer information.  

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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