The FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Disclose Certain Security and Data Breaches

On October 27, 2023, the Federal Trade Commission (“FTC”) approved an amendment to the Safeguards Rule that requires non-banking financial institutions (e.g., mortgage companies, mortgage brokers, and creditors) to notify the FTC when certain data breaches and other security events occur.  The Safeguards Rule, promulgated by the FTC in 2002, has long required non-banking financial institutions to create, implement, and maintain a comprehensive security program to keep the information and data of…
By: Epstein Becker & Green