FTC updates Safeguards Rule to better protect consumers’ financial data

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The U.S. Federal Trade Commission announced updates to the Safeguards Rule, requiring financial institutions to develop, implement and maintain a comprehensive system to protect customers’ financial data. The updates “detail common-sense steps that these institutions must implement to protect consumer data from cyberattacks and other threats,� Bureau of Consumer Protection Director Samuel Levine said. The FTC is looking into internal Facebook research documents, including whether they indicate that the platform violated a $5 billion settlement with the agency in 2019 over privacy concerns, The Wall Street Journal reports.

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