security challenges

In an effort to bolster data security and privacy practices amidst increasing cyberattacks, new data breach reporting rules enforced by the Federal Trade Commission (FTC) and Securities and Exchange Commission (SEC) have taken effect for various organizations and financial institutions. Since May 13, 2024, non-banking financial institutions (including mortgage brokers, payday lenders and tax preparation firms) must report data breaches to the FTC within 30 days of discovery. This new mandate, which is part of…