The FTC’s New Safeguards Rule – What It Says and What You Need to Do to Get Ready | November 11, 2021
On Oct. 27, the Federal Trade Commission (FTC) announced a newly updated rule, intended to strengthen the data security safeguards that financial institutions are required to put in place to protect their customers’ financial information. The FTC’s updated Safeguards Rule requires non-banking financial institutions, such as installment lenders and vehicle finance companies, to develop, implement, and maintain a comprehensive security system to keep their customers’ information safe.
Join Andrew Smith and Caleb Skeath from Covington to learn more about the rule. Previously, Andrew served as the Director of the Bureau of Consumer Protection at the FTC).
We’ll cover the requirements of the FTC’s final Safeguards Rule: the background of the current revisions, why the FTC is amending the rule, and the changes made from the proposed rule. We’ll also be discussing the data security guidance from the final rule. And, we’ll tell you what you need to do now to get ready for the November 2022 effective date.
Presenters: Andrew Smith, Partner, Covington (Former Director of the Bureau of Consumer Protection at the FTC) and Caleb Skeath, Associate, Covington