The U.S. Federal Trade Commission extended its deadline for financial institutions to enhance their security safeguards for customers’ personal information. The deadline for compliance with the Safeguards Rule, which requires nonbanking institutions like mortgage brokers and auto dealers to create comprehensive programs to shield customer's personal data, is now June 9, 2023. FTC officials said the extension was due to “a shortage of qualified personnel to implement information security programs,” as well as supply chain delays preventing companies from upgrading their security systems with new equipment.
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