United States of America: Postponed implementation of Standards for Safeguarding Customer Information Rule section 16 CFR 314.4

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Description

Postponed implementation of Standards for Safeguarding Customer Information Rule section 16 CFR 314.4

On 15 November 2022, the Federal Trade Commission (FTC) announced that it is extending the effective date of section 16 CFR 314.4 of the Standards for Safeguarding Customer Information Rule from 9 December 2022 to 9 June 2023. The Rule requires financial institutions non-banking financial institutions to develop a comprehensive preventive and detective security system and appoint a responsible employee to implement the required security measures. Furthermore, financial institutions are required to submit regular reports, encrypt information, create a data clearance hierarchy within the institution, and conduct a regular review of its security response plan. Sections 16 CFR 314.1, 314.2, and 324.3 enter into force on 10 January 2022.

Original source

Scope

Policy Area
Data governance
Policy Instrument
Cybersecurity regulation
Regulated Economic Activity
other service provider
Implementation Level
national
Government Branch
executive
Government Body
competition authority

Complete timeline of this policy change

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2021-10-27
under deliberation

The amended Rule would expand the entities subject to the new requirements, defining the "financial…

2022-11-15
adopted

On 15 November 2022, the Federal Trade Commission (FTC) announced that it is extending the effectiv…