September 18, 2020

Volume X, Number 262

September 18, 2020

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September 17, 2020

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FTC Postpones Safeguards Rule Workshop until July

As part of its regulatory review of the Gramm-Leach-Bliley Act (“GLB”) Safeguards Rule, the Federal Trade Commission will hold a workshop, Information Security and Financial Institutions: An FTC Workshop to Examine the Safeguards Rule. The workshop, originally scheduled for May, has been postponed until July 13, 2020.

Workshop panelists will explore some of the issues raised in response to proposed amendments to the Safeguards Rule, which requires financial institutions covered by GLB to develop, implement and maintain a comprehensive information security program for handling customer information. The workshop comes after the FTC sought comments on the proposed amendments in 2019.

The workshop is also seeking information, empirical data and testimony on topics, such as:

  • price models for specific elements of information security programs;

  • standards for security in various industries;

  • the availability of third-party information security services aimed at different sized institutions;

  • information about penetration and vulnerability testing; and

  • the costs of and possible alternatives to encryption and multifactor authentication.

The online-only workshop will be held on July 13, 2020, and webcast live from the FTC’s website.

Copyright © 2020, Hunton Andrews Kurth LLP. All Rights Reserved.National Law Review, Volume X, Number 125

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About this Author

In today’s digital economy, companies face unprecedented challenges in managing privacy and cybersecurity risks associated with the collection, use and disclosure of personal information about their customers and employees. The complex framework of global legal requirements impacting the collection, use and disclosure of personal information makes it imperative that modern businesses have a sophisticated understanding of the issues if they want to effectively compete in today’s economy.

Hunton Andrews Kurth LLP’s privacy and cybersecurity practice helps companies manage data and...

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