FTC Safeguards Rule

All nonbanking financial institutions in the US must comply with the FTC Safeguards Rule to protect customer data, reduce cybersecurity risks, and avoid penalties. Implementing required security measures ensures customer trust, regulatory compliance, and long-term business resilience in an increasingly data-driven and cyber-vulnerable marketplace.

Features

Yes, you.

Any business that processes customer financial data has to adhere to the FTC Safeguards Rule, Construction companies, used car dealers, payday lenders - it doesn't matter how big your company is.

ABA. Always be answering.

Your Red Queen questions are always cross-walking the FTC controls you'll need. Ensure your team is always answering their weekly questions (18 seconds on average a week) and you'll be continuously compliant ASAP.

Painless continuous attestation

The rule came into effect for businesses of any size on May 27th, 2024. If you process financial data and have at least 500 customers, this means you.

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Employee Training Programs: MSPs can provide SMBs with security awareness training programs, helping employees understand their role in protecting customer data and adhering to the FTC Safeguards Rule.
Access Controls: MSPs help SMBs implement strong access controls, ensuring that sensitive data is only accessible to authorized personnel, a key requirement of the Safeguards Rule.
Encryption of Data: MSPs can deploy encryption solutions for both data at rest and in transit, safeguarding customer information as mandated by the FTC.
Incident Response Plans: MSPs ensure SMBs have effective incident response plans, which the Safeguards Rule requires for quickly addressing and mitigating security breaches.
Ongoing Monitoring and Testing: MSPs can implement continuous monitoring and periodic testing of security systems to verify that controls remain effective over time, maintaining compliance.
Employee Training Programs: MSPs can provide SMBs with security awareness training programs, helping employees understand their role in protecting customer data and adhering to the FTC Safeguards Rule.