Federal Trade Commission Aims to Ramp Up the Cybersecurity Efforts of Financial Institutions

The Federal Trade Commission is seeking to ramp up mandated cybersecurity efforts for financial institutions by altering the Gramm-Leach-Bliley Act’s Safeguards Rule, which requires financial institutions to develop, implement and maintain a comprehensive information security program.

“People are not generally doing what we would consider risk assessments,” said Chris Cronin, a partner at HALOCK Security Labs. “Instead, they’ll have an auditor come in and run an audit.”