Advantage IT Management Blog

Advantage IT Management has been serving the Mobile area since 2005, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

FTC Safeguards Rule: What You Need to Know

FTC Safeguards Rule: What You Need to Know

The Federal Trade Commission has developed their Safeguards Rule for one purpose: To set up a guideline on how to interact, store, and use customer information. The FTC enacted the Rule in 2003, but it was heavily amended in 2021 to ensure that it keeps up with the technology used by businesses today. It outlines the policies and procedures that all covered companies need to enact.

What Is the FTC Safeguard Rule?

The FTC Safeguard Rule is a data privacy mandate enacted to protect personal information. Any financial institutions, including mortgage lenders, payday lenders, finance companies, mortgage brokers, account servicers, check cashers, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, and investment advisors that aren’t required to register with the SEC are required to meet the metrics under the FTC Safeguard Rule.

In order to be compliant with the FTC Safeguard Rule, applicable financial institutions have to write out their information security program and have it meet some very specific metrics. It has to fit the size and complexity of your business and fit the type of information that the organization keeps. 

The idea is to ensure the security and confidentiality of customer information; protect against threats to the integrity of that information; and protect against unauthorized access to information that could result in inconvenience or harm to the customer. 

How to Build a Reasonable Security Platform

Nothing inside the FTC Safeguard Rule is outside the norm when it comes to protecting customer data, but they do give an overview of what they expect one of their covered businesses to do to ensure data stays secure. Here is a brief overview of the eight-step process they recommend:

  1. Designate a qualified individual to oversee organizational data security.
  2. Conduct a comprehensive risk assessment.
  3. Design and deploy necessary safeguards outlined in the risk assessment.
  4. Monitor system and regularly test it.
  5. Train employees in best practices of data security and privacy.
  6. Oversee any third-party’s access and control.
  7. Regularly update the security program to keep it current. 
  8. Create a written response plan for necessary continuity. 

Advantage IT Management Can Help!

If your organization needs to maintain compliance with any regulatory mandate, the IT professionals at Advantage IT Management can help. Give us a call today at 251-662-9770 to learn more. 

Gmail and Google Calendar Add Client-Side Encrypti...
When Trying to Maintain Your IT, Proactivity is th...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Sunday, June 04 2023

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Recent Comments

wiliam The Key Facets to Managing Personally Identifiable Information
28 January 2023
Our pricing is Pocket Friendly and less than other group buy service providers in market.Ahrefs Grou...
kanwal liaquat Most Noteworthy Data Breaches in 2019
24 August 2021
I agree with you data security is like a joke. Your data is never saved once you step on the interne...
RyanMcCawley Is it Wrong to Purchase Access to Your Own Data?
11 November 2020
As we know there are so many colleges and universities. From stude...
WilliamMMartin What You Need to Know to Manage a Remote Workforce
29 April 2020
Managing a remote workforce is tough, but now a day it is the requirement and we all need to take ca...
Malcolm Quinn Gmail and the G Suite Get Overhauled with A.I.
13 April 2020
Some of the sites on the link can be overhauled and users can get different advantages. On the other...