Compare with different regulatory event:
On 9 June 2023, the Standards for Safeguarding Customer Information Rule section 16 CFR 314.4 is implemented. 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.
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