U.S. Federal Trade Commission building in Washington, D.C. Photo: Diego M. Radzinschi/ALM FTC Mirrors New York DFS With Potentially Costly Cybersecurity Proposal
The FTC's new proposed safeguard rule change shouldn't be a shock to most financial systems, but some are debating if the suggested medications are too rigid for smaller entities to survive.
July 28, 2020 at 10:00 AM
4 minute read
Taking a page from the New York state Department of Financial Services, the Federal Trade Commission is proposing new cybersecurity requirements to its Gramm-Leach-Bliley Act (GLBA) safeguard rules.
To be sure, given the various regulations and audits financial institutions are already held to, lawyers said most financial institutions would likely already be in compliance with the FTC's suggested modifications. Still, some weren't sure if the FTC's shift to a prescriptive cybersecurity approach would hinder smaller companies.
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