Is your CPA, Accounting Firm, and Business ready for the June 9th deadline?
The FTC Safeguards Rule is a set of regulations that requires financial institutions to protect customer information from unauthorized access, use, or disclosure. The rule applies to accounting firms, mortgage lenders, payday lenders, and other businesses that provide financial services. The rule also covers finders, companies that bring together buyers and sellers of financial products or services.
The deadline is June 9th, 2023. If you have any questions, contact us or book a free consultation (https://esudo.com/booking).
The FTC Safeguards Rule requires financial institutions to develop and implement a written information security program appropriate to the Business’s size and complexity, the nature and scope of activities, and the sensitivity of the information at issue. The program must include administrative, technical, and physical safeguards to protect customer information.
The FTC Safeguards Rule specifies nine elements that must be included in the information security program:
- Designate one or more employees to coordinate the program.
- Identify reasonably foreseeable internal and external risks to customer information and assess the sufficiency of existing safeguards.
- Design and implement safeguards to control the identified risks and regularly test or monitor their effectiveness.
- Oversee service providers by selecting and retaining only those that can maintain appropriate safeguards for customer information and requiring them by contract to implement and maintain such safeguards.
- Evaluate and adjust the program in light of relevant circumstances, such as changes in business operations or testing and monitoring results.
- Implement encryption for customer data at rest and in transit.
- Implement multi-factor authentication for any individual accessing customer data.
- Implement access controls based on the principle of least privilege, meaning that access to customer data is limited to only those employees who need it for their job functions.
- Implement a written information security plan (WISP) as part of your PTIN renewal. The WISP outlines how customer data will be used, stored, and shared, as well as procedures for responding to security incidents or breaches when they occur.
The FTC Safeguards Rule aims to ensure that financial institutions maintain safeguards to protect the security of customer information and prevent identity theft, fraud, and other harm. Contact us at 408-216-5800 or get started Today.
You may also like to take a look at some of these great resources:
Frequently Asked Questions
eSudo is a local managed IT & Cybersecurity services (MSP/MSSP) company that helps businesses make technology seamlessly work over the last 22+ years in Silicon Valley. What sets eSudo apart is we focus on security first, and IT support happens to be part of the security services.
Our team of experienced and certified computer engineers understands that no two businesses are alike, that’s why we partner with our clients to develop efficient and cost effective computer networks, cloud solutions, network security, and phone solutions that help you run your business.
As a local Microsoft Partner and Cloud Technology Specialist, eSudo has the knowledge, skills, and commitment to help you implement modern technology solutions that match your exact business needs.
Our goal is to Keep your IT Systems running and data Secure (KISS) so you can focus on running your business safely!
We specialize in working with professional service organizations like law firms, accounting firms (CPAs), and wealth management. However, eSudo have helped other business such as non-profit organizations, manufacturing and other small businesses after we have reviewed their needs and determined if they are good fit for our services.
eSudo is not a traditional IT support company; we focus on security first, and IT support happens to be part of the security services. In the dynamic landscape of network security, a proactive approach is key to safeguarding your business. It’s not a one-time event but an ongoing commitment to keep your systems resilient against evolving threats. With the rise of a mobile workforce and the omnipresence of phishing attempts or social engineering or AI, educating your employees, continuous monitoring and proactive support are vital to prevent data breaches.
If your business is looking for break-fix support or hourly IT services, we may not be for you because we cannot fully manage your risks and more importantly, it creates a trust issue in our relationship. Under a “break-fix” model, there is a fundamental conflict of interest between your business and eSudo.
“Over 97% of American businesses in 2023, operating in a digitally-driven landscape, heavily rely on the Internet for essential functions such as productivity, performance optimization, streamlined communication, bolstered sales, and various other facets of their daily operations. This heightened dependence on digital infrastructure, however, comes with a notable caveat: more than 87% of small businesses are entrusted with customer data that could be potentially compromised in the event of a cyberattack.”
We keep your IT Systems running and data secure with our proven IT Strategy, Managed Security, and Proactive Support & End User Management. Our Strategy focuses on identifying, prioritizing, and recommending the right technology for your organization. Our Managed Security includes data backup, device encryption, zero-trust access management, and policies & procedures. Our Support includes a live phone help desk, 24/7 monitoring, on-site support as needed, employee onboarding, and asset procurement.
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