Small businesses may be discouraged from investing in preventive cybersecurity measures due to the expense involved and the mistaken belief that only larger companies are the target of cybercrimes. But that is not the case. The FBI’s Internet Crime Report indicated the cost of cybercrimes against small businesses reached $2.4 billion in 2021, indicating that
Jackson Biesecker
FTC Issues Final Rule Amending the Standards for Safeguarding Customer Information
By Jackson Biesecker on
On October 27, 2021 the FTC issued a final rule (the “Final Rule”) amending 16 CFR Part 134, Standards for Safeguarding Customer Information (“Safeguards Rule”), after a period of notice and comment. While the existing Safeguards Rule imposes a general obligation on financial institutions to maintain an information security program, the Final Rule outlines these…