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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.
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