The FTC (Federal Trade Commission) has been beefing up security requirements for businesses that handle consumer data, known as the FTC Safeguards Rule. New security measures have been added to the rule that safeguards non-public customer data collected and held by financial institutions for certain purposes. The updated ruling adds MFA (multi-factor authentication) as a mandatory security measure to be implemented by June 9 2023.
The new FTC Safeguards Rule has revised what constitutes a “financial institution” to include mortgage lenders, payday lenders, auto dealerships, travel agencies, real estate appraisers, retailers with their own credit card, finance companies, 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.
Watch as Cisco Duo CISO Advisor, Wolfgang Goerlich and Duo Product Marketing Manager, Desdemona Bandini as they discuss the implications of the ruling, how it will affect businesses and what you need to do to stay compliant.