GLBA Safeguards Rule’s Amendment and Annual Report
$99 CNCDA Members
1/8/2024 5pm PST
Amendments to the Safeguards Rule:
On October 27th, the FTC announced amendments to the Safeguards Rule. Not only does this signal a renewed commitment from the Commission to champion data protection, the amendments now place data breach reporting requirements on dealers and follow them up with even stricter consequences. As the FTC takes on a bigger role in oversight and enforcement, ComplyAuto will keep you informed on all of these changes as they occur.
GLBA Annual Report:
Have you created your annual report? Now’s not too late! In an effort to improve accountability and provide senior management with better awareness of the organization’s security programs, the Gramm Leach Bliley Act’s (GLBA) Safeguards Rule requires that financial institutions develop and distribute an end-of-the-year annual report to their board of directors or governing bodies. This report provides the reader with the organization’s existing cybersecurity posture, service provider arrangements, any security events that occurred over the prior year, and other material matters related to the information security program.
Our partners at ComplyAuto will speak more about this annual requirement.