May 13th workshop takes a closer look at the GLB Safeguards Rule

Turning eighteen was a momentous birthday for most of us and the same could be said for the Gramm-Leach-Bliley Act’s Safeguards Rule. Finalized in 2002 and in effect since 2003, the Safeguards Rule requires “financial institutions” to develop, implement, and maintain a comprehensive information security program for handling customer information. The FTC announced last year that it was putting the Safeguards Rule under the regulatory review magnifying glass. The next step in the process is an event on May 13, 2020, Information Security and Financial Institutions: An FTC Workshop to Examine the Safeguards Rule.

What’s up for discussion at the May 13th workshop? Panelists will talk about possible Rule changes FTC staff has proposed and comments we received about them. In the meantime, here are four things we’re asking of you:

Send us relevant empirical data. As a Notice that will appear soon in the Federal Register explains, we’re especially interested in:

• price models for specific elements of information security programs,
• security standards for various industries,
• the availability of third-party information security services for businesses of different sizes,
• information about penetration and vulnerability testing, and
• the costs of encryption and multifactor authentication – and possible alternatives.

File a public comment. We’d like your feedback on how the Safeguards Rule is working. You have until June 12, 2020, to file a comment. Watch the Federal Register for details.

Suggest a panelist. Are you interested in participating on a panel or do you know someone whose perspectives would add to the conversation? Email us at safeguardsworkshop2020@ftc.gov by March 13, 2020.

Save the date. Information Security and Financial Institutions: An FTC Workshop to Examine the Safeguards Rule will convene at the FTC’s Constitution Center conference facility, 400 7th Street, S.W., in Washington, DC. Can’t make it to DC on May 13th? You can watch the webcast live.