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Monday, June 30, 2014

Federal Trade Commission Outlines Expectations for a Reasonable Data Security Program

By: ABIA Outside Counsel Chrys D. Lemon and Adam D. Maarec, McIntyre & Lemon, PLLC

The Federal Trade Commission has outlined the various factors it uses to assess the adequacy of a data security program, which may be helpful for institutions in the bank-insurance business. This body of guidance exists in addition to requirements imposed by the Gramm-Leach-Bliley Act on financial institutions to “protect the security and confidentiality” of its customers’ nonpublic personal information  and by the Interagency Guidelines Establishing Information Security Standards that mandate administrative, technical and physical safeguards to preserve the security, confidentiality and integrity of customer information. 

Read the full article.