News | 03.06.19
FTC Proposes Tightening Privacy, Safeguards Rules for Financial Firms
The Federal Trade Commission has proposed amending two privacy regulations in a bid to enhance the security of customer information held by financial companies. The proposed changes involve the safeguards rule of 2003, which requires a financial company to have an information security program, and the privacy rule of 2000, which calls on firms to notify customers about information sharing policies and to allow customers to opt out of having their information shared with certain third parties. The safeguards proposal would require companies to encrypt all customer data and implement controls to prevent unauthorized users from accessing customer information.
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