While the Safeguards Rule took effect in 2003, in October 2021, the FTC amended the Rule to adopt a broad definition of the term “financial institution” and create additional detailed compliance requirements. As amended, the Safeguards Rule requires financial institutions to establish an information...
On November 15, 2022, the Federal Trade Commission (FTC)announcedthat it is delaying the effective date of certain changes to the Gramm–Leach–Bliley Safeguards Rule. The Safeguards Rule, which first became operative in 2003, imposes certain security requirements on non-banking financial institutions...
However, the FTC’s Safeguards Rule is more prescriptive than the NYDFS Cybersecurity Regulations in its requirement for annual reporting to a company’s Board by the designated “Qualified Individual,” who is responsible for the implementation, management, and enforcement of the information ...
Virginia amended its general consumer privacy law to address children’s privacy protections. The amendment to the Consumer Data Protection Act, effective January 1, 2025, requires parental consent for processing personal information of ...