The Federal Trade Commission recently imposed new guidance businesses must follow due to rapidly expanding technology and cybersecurity threats. With these changes, the FTC hopes to better protect customers' personal information. There are safeguard elements that must be in place by December 9, 2022 in order to avoid potential penalties and fines. If your business does financing or requires customers to fill out a loan application—even if you don’t oversee the lending personally—you will be subject to the expanded requirements. Under the Safeguards Rule, you will be required to develop, implement, and maintain a comprehensive information security program which ensures personally identifiable information is kept secure and confidential.
How the FTC Safeguards Rule Changes Your Cybersecurity Plan
