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Financial Services Law Insights and Observations

FTC Seeks Public Comment on the Safeguards Rule

FTC Gramm-Leach-Bliley

Privacy, Cyber Risk & Data Security

On August 29, the FTC announced that it is requesting public comment on its Standards for Safeguarding Customer Information Rule (the Safeguards Rule). As required by the Gramm-Leach-Bliley Act, the Commission promulgated the Safeguards Rule to require all “financial institutions” over which the FTC maintains authority to “develop, implement and maintain a comprehensive information security program for handling customer information” (emphasis added). The FTC seeks comments on several specific questions relating to (i) the Safeguards Rule’s economic impact and benefits; (ii) potential conflict between the Safeguards Rule and state, local, or other federal laws or regulations; and (iii) how technological, economic, or other industry changes will affect the Safeguards Rule. Comments are due by November 7, 2016.

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