New Compliance Coming In June 2023

Coming this June, the Federal Trade Commission (FTC) will implement a new Safeguards Rule.The new guidelines will require organizations to develop, implement, and provide ongoing maintenance of security controls that are designed to protect client information such as Cybersecurity, Incident Response Plans, Risk Assessments, and more.

The Safeguards Rule, which now has a compliance deadline of June 9^th, requires non-banking financial institutions to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. At Info Advantage, we’re asking… is your business prepared for these new compliance requirements that start in June?

Originally, the Safeguards Rule took effect in 2003, with a 2021 amendment that aimed to allow the Rule to keep pace with current technology, reflecting core data security principles that all covered companies need to implement.The FTC recently shared an article titled FTC Safeguards Rule: What Your Business Needs to Know and these were our major takeaways from that article:

• Information Security Programs need to have administrative, technical, and physical safeguards elements that are designed to protect customer information.
• The amended rule covers information about your own customers and information about customers of other financial institutions that have provided that data to you.
• The three main objectives of a company’s Information Security Program should be:
• To ensure security and confidentiality.
• To protect again anticipated threats or hazards.
• To protect against unauthorized access to private information.

Long gone are the days where antivirus software and a firewall were enough. Today, businesses require fully managed cybersecurity solutions to protect all of their endpoints from both external and internal threats, helping them to meet industry compliances like HIPAA, PCI, DSS, SOX, and more. Info Advantage already specializes in this as part of our Security Services focus on Compliance, allowing you to meet and exceed industry compliances and get regular security compliance audits and evaluations.

We aim to be the best at what we do, providing a level of service that is top notch. We stand by our best practices; training our talented team and providing them with the best tools in the industry to make sure they can provide you with the best services possible! Don’t wait to ensure that you have the proper security controls in place. Contact us today to learn more about how we can help you meet compliance standards before the FTC deadline approaches!