Deploy MFA Security for FTC Safeguards Rule in a Snap

What is FTC Compliance?

For Non-Financial Institutions, It Means Strong Protections

FTC compliance now requires non-financial institutions that handle customer data and transactions online to:

• Ensure the security and confidentiality of customer information

• Safeguard against threats that could put that information at risk and

• Prevent unauthorized access to customer information

For instance, without a robust access management environment that includes strong MFA, you could leave your organization vulnerable to phishing campaigns that target busy or distracted employees and partners, leading them to download malware that can compromise your data. (In fact, attackers now are bypassing weaker MFA solutions to take advantage of gaps in their security. This makes strong MFA a must.)

Who Must be FTC Compliant?

Non-financial institutions covered in the rule include mortgage lenders, payday lenders, auto dealerships, travel agencies, real estate appraisers, credit card retailers, finance companies, account servicers, check cashers, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, and some investment advisors.  Explore FTC Compliance for Auto Dealerships.

What are FTC Violations?

FTC violations are failures to implement and maintain FTC Safeguard mandates, such as regular monitoring and risk assessments, regular testing of safeguards, overseeing service providers, failure to prevent unauthorized access to data, and more. Depending on the size of your organization and the volume and nature of the data you need to protect, compliance measures may require time, resources, and investment.

But FTC violations come at an even greater cost: Once fines and penalties, lawsuits, and loss of business and brand damage are factored in, non-compliance costs on average amount to $14.8 million per incident. Some violations can even result in prison time if executives, directors, or other stakeholders are convicted of criminal negligence.