On November 15, 2022, the FTC announced that it was extending by six months the deadline for companies to comply with some portions of the updated Safeguards Rule. The extension comes as a welcome relief to companies racing to meet the rapidly nearing effective date.
The FTC approved changes to the longstanding Safeguards Rule in
On October 27, the Federal Trade Commission (FTC) announced a final rule (Final Rule) and supplemental notice of proposed rulemaking (NPRM) to amend the Safeguards Rule promulgated under the Gramm-Leach-Bliley Act (GLBA), which requires covered financial institutions to implement certain security safeguards to protect their customers’ financial information against data breaches and cyberattacks. The FTC also issued another rule adopting largely technical revisions to the scope of its Privacy Rule, a separate GLBA rule that requires financial institutions to inform customers about their information-sharing practices and allow customers to opt out of having their information shared with certain third parties.
Continue Reading FTC Strengthens GLBA Financial Safeguards and Privacy Rules
On July 13, 2020, the Federal Trade Commission (FTC) held a workshop titled “Information Security and Financial Institutions: FTC Workshop to Examine Safeguards Rule.” This workshop discussed the proposed amendments to the Gramm-Leach-Bliley Act’s (GLBA) Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program. The GLBA Safeguards Rule
With the ongoing covid crisis leaving businesses of all sizes concerned about the short and medium term future, the intimidating task of considering a liquidation or restructuring is inevitably starting to become a reality. Although privacy in the bankruptcy context is nothing new—especially in the context of personally identifiable information (“PII”) held by a company—it
On July 26, 2019, Connecticut Governor Ned Lamont signed into the law the state’s new Insurance Data Security Law, which imposes new information security, risk management, and reporting requirements for carriers, producers, and other businesses licensed by the Connecticut Insurance Department (“CID”). In doing so, Connecticut joins New York, South Carolina, Ohio, Michigan, and Mississippi
The FTC has proposed amendments to its 2003 Safeguards Rule and the 2000 Privacy Rule, applicable to financial institutions under the Gramm Leach Bliley Act (GLBA). The proposed changes are informed by the FTC’s enforcement experience and are intended to keep pace with technological developments.
Continue Reading FTC Seeks Comment on Proposed Amendments to Safeguards and Privacy Rules
Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law.
Of particular note: SB 1121 modifies the financial institution carve-out language in CCPA section 1798.145(e). While the change is a welcome development for entities subject to regulation under the Gramm-Leach-Bliley Act (GLBA), it does not grant full exemption from the CCPA. Therefore, GLBA-regulated entities that collect information online will need to analyze the CCPA’s requirements and how they apply to a specific business.
Continue Reading GLBA and the California Privacy Act: Analyzing SB 1121’s Change to the Financial Institution Carve-Out Provision
A new bill introduced by House Financial Services subcommittee Chairman Rep. Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. Most notably, the proposed legislation would create a national standard for data security and breach notification and preempt all current state law on the matter.
Continue Reading Proposed House Bill Would Set National Data Security Standards for Financial Services Industry