FTC Safeguards Compliance
Ensuring FTC Safeguards compliance is crucial for protecting customer data and maintaining trust, while avoiding substantial penalties and reputational damage.
A Simpler Way to Build, Track, and Maintain Your FTC Safeguards Compliance
We’ve built a solution designed to help your organization meet FTC Safeguards regulatory requirements efficiently and effectively. From automated risk assessments to tailored security program development, and robust access control solutions, we make it easier for you to protect customer data, avoid penalties, and maintain trust so you can track, maintain, and manage your regulatory compliance.
Features
Elements of FTC Safeguards Compliance
We know that becoming compliant can seem daunting and that there are many tasks that need to be completed.
Harness the power of data in one easy tool.
Everything you need from assessment to certification.
Risk Assessment
Conduct regular assessments to identify and mitigate risks to customer information.Access Controls
Implement controls to ensure only authorized users can access customer information.Information Security Program
Develop, implement, and maintain a comprehensive program that includes administrative, technical, and physical safeguards.Encryption
Encrypt customer information both in transit and at rest to protect against unauthorized access.
Employee Training
Provide ongoing training to ensure all personnel understand their role in data protection.Incident Response Plan
Establish a plan to promptly respond to and recover from security events affecting customer information.
End-to-end integration
Seamless integration through every step of compliance—from initial assessment and scoping to the ongoing management and updating of standards. This end-to-end support ensures that your business can meet your compliance obligations efficiently.
- Coordinate & track all compliance tasks
- Adapt to regulatory changes with agile data handling
- Alerts & notifications ensure timely task completion
Risk Assessment & Data Handling
As compliance standards evolve and business risks change, our technology-driven approach helps your company adapt quickly, reducing the risk of non-compliance and ensuring certifications are maintained.
- Immediate risk analysis and compliance assessment
- Protect and organize crucial compliance documents
- Prioritize and manage necessary compliance activities
Reporting & Accountability
Our interactive KPI dashboard enhances transparency, offering real-time insights into compliance status. This supports quick audits and efficient report generation, simplifying compliance management.
- Immediate visibility into compliance status
- Efficient generation of detailed compliance reports
- Track and record all compliance-related actions
Features
Access Control
Evaluate and document vendor access risks through in an SRM (Supplier Relationship Management) matrix.
Vendor Risk Management
Quickly understand and document your compliance risk per vendor / subcontractor.
Employee Risk Management
Easily understand and document the compliance risk per employee using an industry standard RACI (Responsible, Accountable, Consulted, Informed) model.
Alerts & Notifications
As regulations change, if vendor or employee relationships change, or there are changes to the hardware or software used in the organization.*
Secure Data Repository
Ensure data is safe and accessible for future audits and ongoing maintenance.
Reporting
Efficiently generate FTC Safeguards compliance reports and necessary documentation.
Project & Task Management
Streamline FTC Safeguards compliance tasks and related activities for easier management and organization.
Risk Score
Gauge your current compliance risk instantly and receive an actionable roadmap, timeline, and budget to streamline your FTC Safeguards compliance journey.
*Hardware and software risk is continuously evaluated and tracked in our database. New software will be researched and audited as users add them to the system.
Empower your compliance journey
Get early access to the only compliance tool that truly simplifies the process.
Who needs to be FTC Safeguards compliant?
The FTC requires any business involved in financial activities to protect customer information and meet the rules defined in FTC Safeguards.
Banks and Credit Unions
Handle significant amounts of sensitive client information and must implement robust security measures to protect this data.
Mortgage Brokers
Involved in processing loan applications and credit histories, ensuring the security of this information.
Auto Dealerships
Must protect customer data if they have information on more than 5000 consumers.
Tax Preparation Firms
Handle sensitive tax-related information that must be safeguarded from unauthorized access.
Investment Advisors
Manage clients’ financial assets and must protect sensitive financial information.
Credit Counselors
Assist clients with debt management and must secure personal financial details.
Collection Agencies
Handle large volumes of client information related to debt collection, requiring strict compliance with security measures.
Mortgage Lenders
Process loan applications and financial transactions, necessitating robust security measures to protect customer data.
Non-Banking Financial Institutions
Such as finance companies, insurance companies, and payday lenders, must adhere to the rule.
Credit Bureaus
Manage extensive credit information and are required to implement stringent security measures.
Reporting Financial Institutions
Entities reporting financial information to regulatory bodies must ensure the security of this data.
Collection and Debt Buying Agencies
Must protect the data they collect and process from consumers.
Financial Holding Companies
Companies controlling one or more institutions in the finance sector must ensure compliance across their subsidiaries.
Financial Penalties
Non-compliance can lead to substantial fines, which could be as high as $50,000 per violation and additional fines for officers and directors.
Legal Actions
Organizations may face lawsuits from stakeholders such as customers, employees, and vendors seeking damages for data breaches.
Reputational Damage
Security breaches can severely damage a company's reputation, resulting in loss of consumer trust and loyalty.
Operational Disruptions
Non-compliance may necessitate significant overhauls of cybersecurity measures, leading to operational disruptions and increased costs.
Regulatory Scrutiny
Non-compliant businesses may face increased scrutiny and more frequent audits from regulators, adding to compliance costs.
Insurance Issues
Non-compliance can affect the ability to obtain or maintain cybersecurity insurance, leading to higher premiums or denial of coverage.
