FTC Sets Workshop on Financial Institution Cyber Defense Rules

The Federal Trade Commission announced it will hold a public workshop on May 13 in Washington to hear testimony and review research on proposed changes to the Gramm-Leach-Bliley Act’s Safeguards Rule that requires financial institutions to implement information security programs. The workshop will seek information on price models for security programs, security standards across industries, information about penetration and vulnerability testing, and costs and possible alternatives to encryption and multifactor authentication. The FTC is seeking public comment on those issues through June 12.