Clifford Chance

Amendment to the FTC's Safeguards Rule - Changes for Non-Banking Financial Institutions

November 6, 2023

On October 27, 2023, the FTC announced an amendment to the Gramm-Leach-Bliley Safeguards Rule, which protects consumers by requiring that financial institutions comply with data protection measures to keep customer information secure. The Safeguards Rule initially came into effect in May 2003 and the FTC has increasingly broadened the definition of "financial institution" to ensure that data protection regulations, including data breach response obligations, apply to a greater number of companies.

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