The Federal Trade Commission announced Aug. 29 it would be opening the Safeguards Rule under the Gramm-Leach-Bliley Act to public comment for the purpose of evaluating its ability to protect consumer information, Bloomberg BNA reports. The FTC hopes to determine the economic advantages and disadvantages of the Safeguard Rule, as well as potential clashes it has with state and local laws, the report states. However, the result of the comments may not necessarily create change due to the nature of the law itself, said Morrison & Foerster’s Nathan Taylor. The rule “by design puts in place a risk-based process that is both flexible and adaptable,” Taylor said. It’s “specifically designed to be able to respond to changes in technology and changes in the threat landscape.” The comment period will extend to Nov. 7.
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