FTC adopts updates to safeguards rule
Dealers must act
(Published on Fri, 10/29/21 - 4:40pm)
The Federal Trade Commission announced on October 27, 2021 the final updates to the Safeguards Rule under the Gramm–Leach–Bliley Act (“GLB”). These updates are the result of a multi-year process and purport to strengthen security for consumer financial information following an uptick in data breaches. Overall, the updates are more prescriptive than the previous Rule, imposing specific new requirements.