Last week, the Federal Trade Commission (“FTC” or “Commission”) finalized its supplemental revisions to the 2021 amendments to its implementation of the Gramm Leach Bliley Act Safeguards Rule (the “Amended Safeguards Rule”).
The supplemental revisions to the Amended Safeguards Rule will require covered non-banking financial institutions—e.g., automobile dealerships, mortgage brokers, payday lenders, retailers that issue credit cards—to report certain security breaches impacting unencrypted customer information to the Commission no later than thirty (30) days after discovery.The supplemental revisions to the Amended Safeguards Rule will take effect six (6) months after publication in the Federal Register.
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