What US 16 CFR Part 314: Standards for Safeguarding Customer Information (FTC Safeguards Rule) requires
US 16 CFR Part 314 (the FTC Safeguards Rule) implements Section 501(b) of the Gramm-Leach-Bliley Act (GLBA) by requiring covered financial institutions under FTC jurisdiction to develop, implement, and maintain a comprehensive written information security program with administrative, technical, and physical safeguards. The 2021 amendments (effective June 9 2023) introduced specific requirements: designate a Qualified Individual to oversee the program, conduct risk assessments, implement access controls, conduct multi-factor authentication, encrypt customer information in transit and at rest, train personnel, oversee service providers, develop incident response plan, and provide annual reports to the board. Notification to FTC required within 30 days of security event affecting 500+ consumers (effective May 13 2024).
Pillar: Banking & Global Finance · Authority: US FTC · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-16/chapter-I/subchapter-C/part-314
SHA-256 integrity: 498b5d4114bb5b7423c5c4a6bc4691e857f24ba64174258e48f8ba87d07bb5e0
Primary Citations — 5 traced to source
- US 16 CFR Standards for Safeguarding Customer Information
- US 16 CFR § 314.3 Standards for safeguarding customer information
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