The Safeguards Rule is a key component of the Federal Trade Commissions’s Gramm-Leach-Bliley Act (GBLA). It requires financial institutions to implement safeguards that protect customer data from potential breaches or compromise. In this case, customer data is "any nonpublic personal information a customer gives to an organization."
In December 2021, the FTC released “The Final Rule,” an amendment to the Safeguards Rule that encompasses a variety of changes, including an expansion of the FTC’s jurisdiction and specific requirements for executing an information security program.
You may be surprised to learn that several kinds of organizations fall under the new FTC Safeguards Rule as "financial institutions," including certain travel agencies, car dealerships, tax preparation firms, accountants, and more. You can learn more about the kinds of organizations subject to the rule in this blog post or in the FTC text here.
To help break down the components of the rule and make them actionable for your organization, Virtru created the following FTC Safeguards checklist.
Virtru protects data with the power of the Trusted Data Format, an open standard that delivers powerful, data-centric protection. Whether you're sharing data in email, file-sharing platforms, SaaS apps, or in other unstructured ways, Virtru makes it simple to protect your information and maintain control at all times, without sacrificing your ability to share it.
Hundreds of financial institutions already use Virtru to help meet GLBA Safeguards requirements, as well as PCI, SOX, and FINRA regulations. Book a demo today to see how Virtru can help you strengthen compliance.