Cybersecurity Compliance for Financial Services Companies
All non-bank financial services companies need to comply with the Federal Trade Commission’s (FTC) Standards for Safeguarding Customer Information in order to attain Cyber Safety.
CyberCatch provides the most effective cybersecurity compliance solution.
Cybersecurity Compliance for Financial Services Companies
All non-bank financial services companies need to comply with the Federal Trade Commission’s (FTC) Standards for Safeguarding Customer Information in order to attain Cyber Safety.
CyberCatch provides the most effective cybersecurity compliance solution.
Recent News
Cyberattack Disrupts Mortgage Payments for Millions of Customers
U.S. mortgage company Mr. Cooper was a victim of a cyberattack that compromised potentially millions of customers' financial data. The company now faces multiple consumer class-action lawsuits and reputational damage that could cost the company billions.
Auto Dealers are Prime Targets for Hackers, Warn Researchers
Car dealerships are prime targets for attackers eager to exploit weak security and access a treasure trove of financial data. Cybercriminals are zeroing in on car dealerships considering them easy targets for a cyberattack.
As a financial services company, you need to implement cybersecurity controls to be safe.
As a financial services company, you need to implement cybersecurity controls to be safe.
The Federal Trade Commission’s Safeguards Rule requires you to implement cybersecurity controls to protect customer data from potential breaches or compromise, and to report a cybersecurity incident to the FTC.
Customer data refers to “any nonpublic personal information a customer gives to an organization.”
You must develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect customer information.
Under the FTC's Rule, the following are some of the financial services companies that must comply:
Under the FTC's Rule, the following are some of the financial services companies that must comply:
- Mortgage lenders
- Mortgage brokers
- Payday lenders
- Finance companies
- Account servicers
- Automobile dealerships
- Wire transferors
- Collection agencies
- Tax preparation firms
- Credit counselors and other financial advisors
- Retailers that issue their own credit cards
- Non-federally insured credit unions
- Personal property or real estate appraisers
- Travel agencies in connection with financial services
- Investment advisors not required to register with the SEC
The FTC can impose penalties of up to $100,000 per violation.
You need to complete a compliance assessment and implement the required cybersecurity controls. You must also now report a cybersecurity incident to the FTC.
The FTC can impose penalties of up to $100,000 per violation.
You need to complete a compliance assessment and implement the required cybersecurity controls. You must also now report a cybersecurity incident to the FTC.
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