On Oct. 27, 2023, the Federal Trade Commission (FTC) amended its Standards for Safeguarding Customer Information (the Safeguards Rule), promulgated under the Gramm-Leach-Bliley Act (GLBA), to require financial institutions to provide notice to the FTC of data breaches that impact 500 or more consumers (the Amendment). This comes after the FTC’s major update to the Safeguards Rule’s proactive security requirements in 2021.
FTC Updates Safeguards Rule with Data Breach Notification Requirement
