TrueSecure by Seimitsu presents FTC Safeguards Compliance Requirements
Channel: Seimitsu
Date: 2024-01-24

TrueSecure by Seimitsu helps meet all FTC Safeguards requirements. 
Key requirements of the FTC Safeguards Rule for businesses that meet the financial institution definition include:

Developing a Comprehensive Security Program: This involves establishing and maintaining a program that ensures the security and confidentiality of customer information. It must also protect against anticipated threats or hazards to the security or integrity of such information.

Designating a Qualified Individual: Institutions must designate a qualified individual to oversee their information security program.

Conducting a Risk Assessment: A written risk assessment must be developed to identify reasonably foreseeable internal and external risks to the security, confidentiality, and integrity of customer information.

Access Control: Limiting and monitoring who can access sensitive customer information.

Encryption of Sensitive Information: All sensitive information must be encrypted to protect it from unauthorized access or breaches.

Training Security Personnel: Employees involved in handling customer information must be adequately trained in security protocols.

Developing an Incident Response Plan: An incident response plan must be in place to address and respond to security incidents promptly.

Regularly Assessing Service Providers' Security Practices: Periodic assessment of the security practices of service providers is required to ensure they are capable of maintaining appropriate safeguards for customer information.

Implementing Multi-factor Authentication: For anyone accessing customer information, multi-factor authentication or an equivalent method must be implemented to ensure secure access.

Data Breach Reporting: A significant amendment to the Safeguards Rule requires these institutions to report certain data breaches and other security events to the FTC. If a security breach involves the information of at least 500 consumers, the institution must notify the FTC as soon as possible, and no later than 30 days after discovery. The notice must include details like the number of consumers affected, types of information involved, and a general description of the event​​​​​​.