Federal Trade Commission Standards for Safeguarding Customer Information

Publication Date
December 09, 2021
Subject
Federal Trade Commission Standards for Safeguarding Customer Information
FR Type
Final
Effective date
January 10, 2022

The Federal Trade Commission (“FTC” or “Commission”) issued a Final Rule (“Final Rule”) on Dec. 9, 2021, to amend the Standards for Safeguarding Customer Information (“Safeguards Rule” or “Rule”). The Final Rule contains several important modifications to the Rule:

  1. It adds provisions designed to provide covered financial institutions with more guidance on how to develop and implement specific aspects of an overall information security program, such as access controls, authentication, and encryption.

  2. It exempts financial institutions that collect less customer information from certain requirements.

  3. It defines several terms and provides related examples in the Rule itself rather than incorporates them from the Privacy of Consumer Financial Information Rule (“Privacy Rule”).

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