Comment Deadline Set for FTC-Proposed Security Breach Reporting Requirement
Comments on an FTC proposal to amend certain reporting requirements to safeguard customer information are due by February 7, 2022.
The proposed amendments to the agency's Standards for Safeguarding Customer Information, Rules 314.4 ("Elements") and 314.5 ("Effective Date") would require financial institutions to report any security breach that could affect the information of at least 1,000 consumers within 30 days of discovery. The proposal was published in the Federal Register.
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The FTC adopted amendments to its Standards for Safeguarding Customer Information to strengthen the data security measures that financial institutions must implement to protect consumer financial data.
