FTC Announces Data Breach Reporting Obligation Under GLBA Safeguards Rule
Under an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act announced on October 27, 2023, the Federal Trade Commission will require a broad range of nonbank financial institutions to notify the FTC of instances of the unauthorized acquisition of unencrypted, personally identifiable, nonpublic financial information of more than 500 customers.
The new notification obligation will be a significant change for financial institutions covered by the FTC's Safeguards Rule, as the universe of reportable incidents is vastly broader than is currently covered by other state or federal requirements, notification must be made quickly, and such reports will generally be made public by the FTC.
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