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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