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Revised FTC Safeguards Rule deadline was June 9, 2023

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What is the FTC Safeguards Rule?

A recently revised U.S. Federal Trade Commission (FTC) ruling – the Safeguards Rule – requires non-banking financial institutions to develop, deploy and maintain a comprehensive security program to keep customer financial data safe. With the growing number of data breaches and evolving security threats, organizations need to advance their security programs to protect the confidentiality of customer information.

The updated rule requirements include:

  • Planning and action to address “reasonably foreseeable internal and external risks” – including: data breaches, data leakage, and ransomware

What organizations are affected by the FTC rule?

It’s important to note that the FTC definition of financial institutions includes non-financial institutions. Essentially, any organization that handles customer financial data and engages in transactions that use personal consumer information are impacted by the revised FTC Safeguards Rule. Some examples include:

  • Mortgage lenders
  • Mortgage brokers
  • Payday lenders
  • Finance companies
  • Account servicers
  • Automobile dealerships
  • Wire transferors
  • Collection agencies
  • Tax preparation firms
  • Credit counselors and other financial advisors
  • Retailers that issue their own credit cards
  • Non-federally insured credit unions
  • Personal property or real estate appraisers
  • Travel agencies in connection with financial services
  • Investment advisors not required to register with the SEC

How Cisco Secure can help

Multi-factor authentication and cloud-delivered security help you comprehensively address risk, protect customer data without disrupting business, and start getting compliant in 24 hours.

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Umbrella

• Secures web traffic
• Blocks lateral threat movement
• Helps prevent data leakage of:
customer names, social security numbers, bank account numbers and more…

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Duo

• Establishes user trust
• Creates device trust
• Adds another layer of protection

Learn more about Duo

More FTC Safeguards Rule resources

Get FTC compliance whitepaper

Whitepaper

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Infographic

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At-a-Glance

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Webinar

Take the next steps

Cisco Umbrella and Duo can help you quickly get compliant with the FTC Safeguards Rule with easy, fast, cloud-delivered security, so you can reduce risk and get on with doing business.

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