Ensure Compliance Protect Consumer Data and Build Business Resilience

The FTC Safeguards Rule is a federal regulation that requires financial institutions to have a comprehensive security program to protect their customers' information. The definition of "financial institution" is much broader than you might think and includes many businesses that don't traditionally consider themselves to be in the financial industry.

The rule applies to any business that is "significantly engaged" in providing financial products or services to consumers. This includes:

• Lenders
• Mortgage brokers
• Payday lenders
• Automobile dealerships
• Tax preparers
• Real estate appraisers
• Career counselors (if they offer financing)

If your business collects, processes, or stores any non-public personal information from customers in connection with a financial transaction, the FTC Safeguards Rule likely applies to you.

We care about helping you understand your compliance obligations. We'll help you determine if the FTC Safeguards Rule applies to your business and, if so, what you need to do to comply. You can count on us to provide clear, practical guidance on this complex regulation.

The FTC Safeguards Rule requires you to develop, implement, and maintain a written information security program with administrative, technical, and physical safeguards to protect customer information. The key requirements include:

• Designate a Qualified Individual: You must designate a single person to be responsible for overseeing your information security program.
• Conduct a Risk Assessment: You must identify the internal and external risks to the security, confidentiality, and integrity of customer information.
• Implement Safeguards: You must design and implement safeguards to control the risks you identify in your risk assessment. This includes access controls, data encryption, and secure development practices.
• Monitor and Test: You must regularly monitor and test the effectiveness of your safeguards. This includes vulnerability scanning and penetration testing.
• Train Employees: You must provide your employees with security awareness training.
• Oversee Service Providers: You must take steps to ensure that your service providers are also protecting customer information.
• Maintain and Update Your Program: You must periodically review and update your information security program to keep it current with changing risks and technologies.

We understand that meeting all of these requirements can be a challenge for a small business. We'll help you develop a practical, cost-effective security program that meets all of the FTC's requirements. You can rely on us to be your partner in compliance, not just your consultant, in achieving and maintaining compliance.

ISO 27001 and GDPR are a powerful combination for any business that handles the personal data of EU citizens. While ISO 27001 is not a direct certification for GDPR, it provides a strong framework for meeting many of GDPR's technical and organizational requirements.

Risk Assessment: Both ISO 27001 and GDPR require a risk-based approach to security. The risk assessment process in ISO 27001 can be used to identify and mitigate the risks to personal data that are a key focus of GDPR.

Security Controls: The comprehensive set of security controls in ISO 27001's Annex A can be used to demonstrate that you have implemented appropriate technical and organizational measures to protect personal data, as required by GDPR.

Data Breach Notification: ISO 27001's incident management requirements align with GDPR's data breach notification requirements, helping you establish the processes needed to detect, report, and investigate personal data breaches.

Documentation: The documentation required for an ISO 27001-compliant Information Security Management System (ISMS) can be used to demonstrate your accountability and compliance with GDPR to regulators and customers.

At Safe Harbour, we understand that you need an efficient way to meet multiple compliance requirements. We'll help you leverage your ISO 27001 implementation to streamline your GDPR compliance efforts, saving you time and resources. You can rely on us to help you build a security program that meets the requirements of both frameworks, giving you a competitive advantage in the global marketplace.

An Information Security Management System (ISMS) is the heart of ISO 27001. It's not just a set of policies or a piece of software - it's a systematic approach to managing your company's sensitive information so that it remains secure.

An ISMS includes the policies, procedures, guidelines, and associated resources and activities, collectively managed by an organization, in the pursuit of protecting its information assets. It's a risk-based approach that helps you identify, assess, and treat your information security risks.

The key components of an ISMS include:

• Scope: Defining what information and systems are covered by the ISMS.
• Policy: A high-level document that outlines your organization's commitment to information security.
• Risk Assessment: A process for identifying, analyzing, and evaluating your information security risks.
• Risk Treatment: A plan for how you will address the risks identified in your risk assessment.
• Controls: The specific security measures you will implement to mitigate your risks. ISO 27001's Annex A provides a comprehensive list of potential controls.
• Monitoring and Review: A process for regularly monitoring the effectiveness of your controls and reviewing your ISMS to ensure it remains effective.

We care about helping you build an ISMS that is not just compliant with ISO 27001, but also practical and effective for your business. We'll help you develop an ISMS that is tailored to your specific needs and risk appetite. You can count on us to guide you through the entire process, from scoping your ISMS to achieving ISO 27001 certification.