If you are a financial institution, you likely won’t want to miss this FTC All Day Workshop today (Monday, July 13, 2020) because it will be a day full of panelist discussing all things information security and what proposed changes are being discussed. Namely, “the workshop will continue to focus on some of the issues raised in response the FTC’s proposed amendment to the Gramm-Leach-Bliley Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program.” The FTC will be streaming it live from its website.
In 2019, the FTC published its request for public comment on its proposal to amend the Safeguarding Customer Information (“Safeguards Rule”). In the Notice, the FTC outlined five “main modifications” to the current rule: (1) “add provisions designed to provide covered financial institutions with more guidance on how to develop and implement specific aspects of an overall information security program”; (2) “add provisions designed to improve the accountability of financial institutions’ information security programs;” (3) “exempt small businesses from certain requirements; (4) “expand the definition of ‘financial institution’; and (5) “include the definition of ‘financial institution’ and related examples in the Rule itself rather than cross-reference them from a related FTC rule, the Privacy of Consumer Financial Information Rule.” And, here in July, 2020, these changes are still being discussed.
Indeed, the FTC extended the comment deadline until August 12, 2020 to allow for more input. So, there is time to still get engaged if you want to have a voice in the proposed changes. That first starts with watching today to learn where things stand, and then being on lookout for Consumer Privacy World’s detailed follow up on this important FTC update.