Some Financial Institutions Must Report Breaches in 30 Days

The heat has just been turned up for companies hoping to “hide out” a data breach. Announced October 27th, all non-banking financial institutions are now required to report data breach incidents within 30 days. The amendment to the Safeguards Rule was made by the U.S. Federal Trade Commission (FTC). It will go into effect 180 days after publication of the law in the Federal Register, or around April of next year. What is the Safeguards Rule? Designed to ensure that …

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