UPDATE TO CLIENT ALERT: FTC EXTENDS COMPLIANCE DEADLINE FOR GLBA “SAFEGUARD RULE”

The Federal Trade Commission (“FTC”) recently announced a deadline extension for complying with certain provisions of its Final Rule on standards for safeguarding customer information (“Safeguard Rule”) under the Gramm Leach Bliley Act (“GLBA”). The previous deadline of December 9, 2022, is extended by six months, making the new compliance deadline June 9, 2023.

In granting the extension, the FTC cited reports of a “shortage of qualified personnel to implement information security programs” and supply chain issues for acquiring equipment and updating security system. In a previous blog post, we covered some of the important requirements from the Final Rule and their implications for higher education institutions. If you have any questions on the Safeguard Rule or GLBA requirements for your college or university, please reach out to HMBR’s Higher Education Group at 312-946-1800.