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ARTICLE · 22 NOVEMBER 2023

Impact Of FTC Safeguard Rules Amendment On Breach Notification Timing

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The FTC recently amended the Safeguards Rule to make non-banking institutions such as mortgage brokers, motor vehicle dealers...

United StatesTechnology
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Skylar Stoudt
Skylar Stoudt
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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, of a security breach involving the information of at least 500 consumers. The FTC plans to provide an online form that will be used to report certain information, including the type of information involved in the security event and the number of consumers affected or potentially affected. The FTC's Safeguards Rule also requires non-banks to develop, implement, and maintain a comprehensive security program to keep their customers' information safe.

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