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Data Security Gramm-Leach-Blilely Act Data Breach

Alston & Bird

Data Breach Notification Requirements Under the Safeguards Rule Now in Effect

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For years, the Gramm-Leach-Bliley Act (GLBA) has required financial institutions to maintain reasonable safeguards for consumer data, but has only had limited breach-reporting requirements. To the extent financial...more

McGuireWoods LLP

Don’t Forget: It’s Time to Notify the FTC of Your Data Breach

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This summer, the Federal Trade Commission (“FTC”) will once again tighten the belt on entities that offer financial products and services when another round of amendments to the Gramm-Leach-Bliley Safeguards Rule goes into...more

Venable LLP

Data Breach Notice Requirement Added to Safeguards Rule for Non-bank Financial Institutions

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Non-bank financial institutions will have a new data breach disclosure requirement effective May 13, 2024. The Federal Trade Commission (FTC) recently updated the Gramm-Leach-Bliley Safeguards Rule (“Safeguards Rule”), adding...more

Jaburg Wilk

New FTC Rule Expands Reach of Data Breach Notification Requirement to Non-Banking Financial Institutions

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In an amendment to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA), which was officially announced on October 27, 2023, the Federal Trade Commission (FTC) will mandate that a wide array of nonbank financial...more

Wilson Sonsini Goodrich & Rosati

FTC Amends Safeguard Rule with Requirement for Non-Banking Financial Institutions to Report Data Security Breaches

On October 27, 2023, the Federal Trade Commission (FTC) announced it is amending the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA) to include a requirement for non-bank financial institutions to report certain data...more

Troutman Pepper

FTC Amends Safeguards Rule to Require Reporting of Data Breaches

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On October 27, the Federal Trade Commission (FTC) announced a final rule amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act. The Safeguards Rule requires nonbanking...more

Alston & Bird

FTC Approves New Data Breach Notification Requirement for Non-Banking Financial Institutions

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On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer...more

Kelley Drye & Warren LLP

Safeguards Snafu? The Anomalous New Provision in the FTC’s Gramm-Leach-Bliley Safeguards Rule

Last week, the FTC announced that it had finalized its rulemaking to add data breach notification provisions to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule. As expected, the new provisions require non-bank financial...more

Husch Blackwell LLP

Federal Trade Commission Amends GLBA’s Safeguards Rule

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Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more

Davis Wright Tremaine LLP

SEC Proposes Host of New Rules for Data Security, Cybersecurity, and IT Resilience

The Securities and Exchange Commission (SEC or Commission) voted on March 15, 2023, to propose three new sets of rules for data security, cybersecurity, and IT operational resilience. The newly proposed rules would, among...more

WilmerHale

FTC Announces Six-Month Delay of Compliance Deadline for Updated Safeguards Rule

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On November 15, the Federal Trade Commission (FTC) announced a six-month delay of the deadline by which companies must comply with recent amendments to its Standards for Safeguarding Customer Information (“the Safeguards...more

Genova Burns LLC

DoorDash Hacker Incident Illustrates Third-Party Vendor Risks and Potential Vulnerabilities

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​​​​​​​Hackers have increasingly focused on third-party vendors as avenues to data held by associated businesses. On August 25, 2022, DoorDash announced that it had experienced a data breach which impacted the personal...more

Dechert LLP

Dechert Cyber Bits - Issue 5

Dechert LLP on

FTC Announces Regulatory Priorities for 2022 - On December 10, 2021, the Federal Trade Commission (“FTC”) published its Statement of Regulatory Priorities (“Announcement”) for 2022. The FTC’s priorities for the coming year...more

Morgan Lewis

Expanded Safeguards Rule Applicable to More Financial Institutions; Gives More Specificity on Security Requirements

Morgan Lewis on

The Federal Trade Commission recently finalized a long-discussed update to its cybersecurity Safeguards Rule that includes more specific criteria for what financial institutions must implement as part of their information...more

Ballard Spahr LLP

FTC Strengthens GLBA Financial Safeguards and Privacy Rules

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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),...more

Wilson Sonsini Goodrich & Rosati

FTC Releases Updated Safeguards Rule for Financial Institutions

On October 27, 2021, the Federal Trade Commission (FTC) released a final rule that updates the Safeguards Rule of the Gramm-Leach-Bliley Act (Final Rule). This Final Rule comes after the FTC sought comment on proposed changes...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - October 2021

In this month’s edition of our Privacy & Cybersecurity Update, we examine the FTC’s changes to the Gramm-Leach-Bliley Act’s Safeguards Rule and the CFPB’s order requiring six tech companies to disclose information regarding...more

Wiley Rein LLP

FTC Releases Detailed Information Security Requirements and Proposes Breach Notification for Financial Institutions

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On October 27, 2021, the Federal Trade Commission (FTC) announced revisions to its Safeguards Rule (Revised Safeguards Rule), which requires certain financial institutions to implement information security programs to protect...more

Hogan Lovells

Hold the punitive damages: Connecticut is latest to incentivize implementing cybersecurity frameworks

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Connecticut’s new cybersecurity standards law, which goes into effect on October 1, 2021, protects companies from punitive damages in certain data breach actions where an organization has a cybersecurity program that conforms...more

Oberheiden P.C.

5 Keys to Performing A GLBA Audit

Oberheiden P.C. on

Purpose and Background of the GLBA - The Gramm-Leach-Bliley Act (“GLBA”), also known as the Financial Services Modernization Act of 1999, is a federal statute enacted by Congress in 1999 that requires financial...more

Fox Rothschild LLP

FTC: You Are Only As Good As Your Weakest Service Provider

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The Federal Trade Commission (FTC) recently entered into an enforcement action with an analytics company for breaching the FTC's Safeguards Rule issued pursuant to the Gramm-Leach-Bliley Act (GLBA) by failing to properly vet...more

Akin Gump Strauss Hauer & Feld LLP

FTC and Mortgage Analytics Company Settle on Allegations of Third-Party Vendor Failing to Protect Consumer Data

A data analytics company for the mortgage industry is facing allegations of violating the Gramm-Leach Bliley Act (GLBA), stemming from a data breach of a third-party vendor. In its complaint, the Federal Trade Commission...more

Lowenstein Sandler LLP

Petco Cyberattack Serves as Useful Reminder of Best Practices for Preventing Data Breach

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A putative consumer class action filed in California state court on Friday the 18th against Petco Animal Supplies Stores Inc. (Petco) and its wholly owned subsidiary PupBox Inc. (PupBox) alleges that between February and...more

Bracewell LLP

New York's Deadline to Comply With New Data Privacy Law Fast Approaching

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The Stop Hacks and Improve Electronic Data Security Act (known as the SHIELD Act), signed into law by Governor Cuomo last year, comes into full effect on March 21, 2020. The Act’s expansive reach requires businesses in New...more

Faegre Drinker Biddle & Reath LLP

ED Requires Higher Education Audits to Review GLBA Data Security Compliance

As discussed in a previous DBR on Data post, the U.S. Department of Education (“ED”) in recent years has repeatedly emphasized the importance of higher education institutions taking all appropriate measures to secure and...more

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