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Federal Trade Commission (FTC) Data Breach Financial Institutions

Akin Gump Strauss Hauer & Feld LLP

FTC Requires Non-Banking Financial Institutions to Report Data Security Breaches

Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC...more

King & Spalding

FTC’s Amended Safeguards Rule Creates Unique Dilemma for Certain Organizations Who Have Experienced a Data Breach

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On May 13, 2024, the FTC’s new rule (the “Rule”) requiring certain financial institutions to report cyber incidents to the Commission will go into effect. The Rule, which is an amendment to the Gramm-Leach-Bliley Act (GLBA)...more

Dunlap Bennett & Ludwig PLLC

The FTC’s Expanded Cybersecurity Requirements Affecting Non-Banking Small Businesses

The expansion of the FTC’s Safeguards Rule will require businesses to notify customers and the FTC of cyber breaches that had previously been excluded from reporting requirements. Previously, only banks had been required to...more

Hogan Lovells

FTC amends Safeguards Rule to require non-banking financial institutions to report data breaches

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Against the backdrop of the National Cybersecurity Strategy’s stated goal of harmonizing federal cyber incident reporting requirements, new requirements still continue to emerge. Among the latest is a Federal Trade Commission...more

Benesch

FTC Amends Financial Institution Safeguards Rule to Include New Obligation to Report Notification of Data Security Breaches

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The amended rule requires financial institutions to notify the FTC within 30 days of discovery of a security breach involving information of at least 500 consumers. ...more

Troutman Pepper

More Privacy, Please - September/October 2023

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Editor’s Note: The FTC continues to crack down on privacy and cybersecurity, including issuing a new warning to tax preparation companies and entering into a consent decree with 1Health.io. VPPA and BIPA litigation continues...more

Cooley LLP

FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule

Cooley LLP on

On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more

Sheppard Mullin Richter & Hampton LLP

Impact of FTC Safeguard Rules Amendment on Breach Notification Timing

The FTC recently amended the Safeguards Rule to make non-banking institutions such as mortgage brokers, motor vehicle dealers, and payday lenders notify the FTC as soon as possible, and no later than 30 days after discovery,...more

Venable LLP

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

Venable LLP on

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

Dechert LLP

Dechert Cyber Bits - Issue 45

Dechert LLP on

The Biden Administration Issues Executive Order on Artificial Intelligence - On October 30, 2023, President Biden signed an Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (the “Order”)...more

Adams and Reese LLP

OCC Publishes Revised Examination Procedures Addressing Telephone Consumer Protection Act

Adams and Reese LLP on

On November 1, 2023, the Office of the Comptroller of the Currency (OCC) published a revised interagency examination procedure to address updates to the federal Telephone Consumer Protection Act (TCPA). Although TCPA...more

Alston & Bird

FTC Approves New Data Breach Notification Requirement for Nonbanking Financial Institutions

Alston & Bird on

With an amendment to its Safeguards Rule, the Federal Trade Commission has joined other federal agencies regulating cybersecurity breaches. Our Privacy, Cyber & Data Strategy Team analyzes how the amendment will affect...more

Polsinelli

FTC Adopts Data Breach Notification Obligations for Non-Banking Financial Institutions

Polsinelli on

On October 27, 2023, the Federal Trade Commission (“FTC”) adopted an amendment to the FTC’s Safeguards Rule that will require non-banking financial institutions to notify the FTC within thirty days of discovering a data...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Jaburg Wilk

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

Jaburg Wilk on

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

Jackson Lewis P.C.

Federal Trade Commission Expands Rule Regarding Reporting of Data Security Breaches

Jackson Lewis P.C. on

The Federal Trade Commission (FTC) has approved an amendment to its Safeguards Rule that will require non-banking financial institutions to report certain data breaches (or “notification events”) to the FTC (not affected...more

Perkins Coie

FTC Announces Data Breach Reporting Obligation Under GLBA Safeguards Rule

Perkins Coie on

Under an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) announced on October 27, 2023, the Federal Trade Commission (FTC) will require a broad range of nonbank financial institutions to notify the...more

Katten Muchin Rosenman LLP

New FTC Rule Requires Certain Financial Institutions to Report Loss of Unencrypted Customer Data

On October 27, the Federal Trade Commission (FTC or Commission) published a final rule expanding data breach notification requirements for certain financial institutions (Final Rule). Federal Register, will require entities...more

Troutman Pepper

FTC Amends Safeguards Rule to Require Reporting of Data Breaches

Troutman Pepper on

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

Alston & Bird on

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

Ballard Spahr LLP

FTC Announces New Safeguards Rule Breach Notification Requirements

Ballard Spahr LLP on

On October 27, the Federal Trade Commission (“FTC”) unanimously voted to amend the Safeguards Rule to require non-banking financial institutions to report data breaches and security events to the Agency. This amendment will...more

Paul Hastings LLP

FTC Approves New Incident Reporting Requirements for Safeguards Rule

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The Federal Trade Commission (the “FTC”) approved last week an amendment to its Safeguards Rule that will institute new data breach notification requirements for non-bank financial institutions....more

Wiley Rein LLP

Wiley Consumer Protection Download (October 31, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on servicemember identity theft

On January 12, the CFPB released an Issue Spotlight discussing identity theft affecting servicemembers. According to the report, servicemembers, veterans, and military family members are more likely to report identity theft...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

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