FTC Compliance: Simplified Security for Your Business
On June 9, 2023, the Federal Trade Commission (FTC) Safeguards Rule went into effect, requiring CPAs to build and maintain a formal cybersecurity program. For firms already managing client demands, tight deadlines, and evolving regulations, this new requirement added another layer of complexity.
Vector Choice helps simplify compliance by providing free penetration tests and vulnerability assessments that identify risks before regulators or attackers do. Our goal is to give your firm the clarity and confidence to stay compliant while protecting the financial data your clients rely on.
Schedule Your Discovery Call Today!
The Benefits of
FTC Compliance
- Identify and Mitigate Cybersecurity Risks: Our PEN Test and Vulnerability Assessment help pinpoint potential security threats in your systems, allowing you to take proactive steps to protect sensitive data.
- Ensure Compliance: These services ensure you meet the new FTC Safeguards Rule by assessing and implementing necessary controls, helping you avoid civil and criminal penalties.
- Protect Client Data: By following the requirements of the new law, you protect your clients' sensitive financial information from unauthorized access and cyber threats.
- Expert Support: With a qualified information security manager assigned to your case, you receive professional guidance to maintain and monitor your cybersecurity program effectively.
What is a PEN Test?
A Penetration Test (PEN Test) is an authorized, controlled attempt to gain unauthorized access to a computer system or network. Its purpose is to identify and evaluate security vulnerabilities before they can be exploited by cybercriminals. By simulating real-world attack methods, a PEN Test provides clear insight into potential weaknesses, helping you strengthen your defenses and protect sensitive client data. This test has a market value of $997.
What is a Vulnerability Assessment?
A Vulnerability Assessment is a structured process used to identify, analyze, and prioritize security weaknesses within a computer system or network. It scans for outdated software, misconfigurations, and other potential risks that could expose sensitive data or disrupt operations. The findings help organizations address the most critical issues first and strengthen their overall cybersecurity posture. This assessment has a market value of $497.
How Do These Services Help Meet FTC Requirements?
Penetration Tests (PEN Tests) and Vulnerability Assessments are essential tools for identifying and addressing security risks before they lead to fines, legal action, or data loss. These assessments reveal weaknesses such as weak passwords, outdated software, and misconfigurations, allowing your firm to take corrective action and maintain compliance with the FTC Safeguards Rule.
Proactively testing your systems demonstrates to clients that their financial data is protected and that your firm takes compliance seriously. For a limited time, Vector Choice is offering CPAs both a PEN Test and a Vulnerability Assessment free of charge, along with expert guidance from a qualified information security manager. This complimentary service helps you strengthen your cybersecurity and stay compliant with evolving regulations.
What You Should Know About The FTC Safeguards
The FTC Safeguards Rule is an important set of regulations that helps to protect customer information. Financial institutions subject to the rule should take steps to comply with it to protect their customers' data and avoid financial penalties.
Read This Guide To Learn Requirements, like:
Designating a qualified individual to oversee your information security program
Implementing appropriate access controls to customer information
Encrypting customer information in transit and storage
Regularly testing and evaluating the effectiveness of the information security program
Designating a qualified individual to oversee the information security program
Developing and implementing written policies and procedures for information security
We Serve Various Industries
Specializing in the Following Areas
Watch Our Recent Webinar!
The Top Technology and Security Strategies Every CPA and Client Needs to Know
Are you worried about cybercriminals stealing your sensitive financial information? Do you want to learn about the latest technology and security strategies that can help safeguard your financial future and that of your clients? If so, you won't want to miss our webinar.
- The latest cyber threats facing the financial industry and how to stay ahead of them
- Strategies and tools to protect your sensitive financial information
- Best practices for securing your clients' data
- Real-life examples of cyber attacks and how they were mitigated
Watch this webinar to gain valuable insight and take proactive steps to protect your financial future.
FAQs
What does FTC stand for?
FTC stands for the Federal Trade Commission, an independent agency of the United States government responsible for protecting consumers and promoting fair business practices.
What is FTC compliance?
FTC compliance refers to an organization's adherence to the rules and regulations established by the Federal Trade Commission. For financial institutions and similar businesses, this includes following the FTC Safeguards Rule, which requires companies to implement and maintain strong cybersecurity measures to protect customer information.
When was the FTC Safeguards Rule created?
The FTC Safeguards Rule was originally introduced in 2003 as part of the Gramm-Leach-Bliley Act (GLBA). It was later updated in 2021, with enforcement beginning on June 9, 2023, to address modern cybersecurity threats and clarify the requirements for protecting customer data.
What does the FTC regulate?
The Federal Trade Commission regulates a wide range of business practices to prevent unfair, deceptive, or fraudulent activities. Its oversight covers consumer protection, data privacy, advertising, marketing, and competition to ensure a fair and secure marketplace for both consumers and businesses.
