On October 27, the U.S. Federal Trade Commission announced an updated GLBA Safeguards Rule that strengthens the data security protocols that financial institutions must implement to protect customers’ financial information.
This updated rule expands the definition of financial institutions regulated by the FTC under the GLBA to encompass entities engaged in “incidental” financial activities, such as financial technology companies. This final rule is a testament to the more aggressive enforcement posture anticipated with the appointment of the new FTC Chair, Lina Khan. The takeaways from this webinar will include:
- Practical overview of the new information security requirements;
- Suggestions for how companies must update their cybersecurity practices;
- Overview of the types of financial companies that will need to follow the rule;
- Expectations regarding the FTC’s enforcement approach; and
- Interplay of the rule with recent developments by other financial regulators, including NY-DFS and the SEC.