*UPDATE* FTC Has Extended the Deadline for Compliance until June 9, 2023
For more information, view the FTC news release
The new Safeguards Rule requirements go into effect on December 9, 2022, are you ready? The Federal Trade Commission has updated the Safeguards Rule to include new requirements to protect customer information, this includes an expanded list of financial institutions who would now fall subject to the rule. These amended guidelines were adopted in December of 2021, but are not effective until December 9, 2022.
For the next 3 weeks (leading up to the 12/9 deadline), we will highlight one of the elements a company’s information security program must include. Even if your company does not fall under the financial institution umbrella, these are generally good practices to follow when it comes to protecting client information.
Safeguards Compliance Week 1 – Designate Someone to Oversee Your Company’s Security Program
- The qualified individual can be an employee of your company or can work for an affiliate or service provider, such as BMT.
- If the qualified individual works for an affiliate or service provider, that affiliate or service provider also must maintain an information security program that protects your business.
Schedule a Safeguards Compliance Assessment
The BMT team has the tools and expertise to make sure you’re compliant by the deadline and prepared to protect your customers’ financial information. Reach out today for a Safeguards Assessment.
