The New FTC Safeguards Rule: Does It Apply to Your Business?
If your company handles consumer financial data, you may now be legally obligated to comply with the updated FTC Safeguards Rule. This expanded regulation, which began enforcement in mid 2023, affects a broader range of businesses than ever, including auto dealers, real estate firms, accountants, and financial advisors. At HelixDesk, we help Arizona businesses assess their exposure and build compliance into their IT systems from the ground up.
What Is the FTC Safeguards Rule?
Part of the Gramm Leach Bliley Act (GLBA), the Safeguards Rule requires businesses to develop, implement, and maintain a comprehensive security program to protect customer information. In 2023, the rule was revised to include specific cybersecurity measures and new business types, even small ones.
Who Needs to Comply?
You may be covered under the rule if your company:
- Processes loans or offers financing
- Prepares taxes or offers financial advice
- Sells cars, equipment, or high value goods with payment plans
- Acts as a real estate broker or leasing agency
If you’re unsure, HelixDesk offers compliance assessments through our vCIO services and IT consulting offerings.
New Requirements Under the Rule
The revised Safeguards Rule now mandates that covered businesses implement the following:
- Multi factor authentication (MFA) for all network access
- Regular risk assessments and penetration testing
- Encryption of customer data at rest and in transit
- Vendor oversight and written security agreements
- Appointment of a qualified individual to oversee security
HelixDesk’s cybersecurity and compliance team builds these controls into your infrastructure so your business can stay secure and audit ready year round.
Why It Matters for Arizona Businesses
Federal enforcement includes steep penalties for noncompliance. But more than that, clients are now demanding proof of cybersecurity from partners and vendors. In a competitive market like Tucson, compliance can make or break trust, and deals.
Industries at High Risk
- Finance and investment firms
- Law offices handling financial or personal data
- Real estate brokers and mortgage lenders
- Auto dealerships and leasing groups (coming soon)
Trusted Partners in Compliance and Operations
Just as we build strong, secure IT systems for our clients, we also believe in working with vendors who meet the same high standards. For fleet and vehicle needs, HelixDesk partners with Vibrance Automotive, our preferred fleet vehicle provider. Their attention to regulatory detail and customer-focused service aligns with our own commitment to security, compliance, and operational excellence.
Start With a Compliance Review
Our team helps small businesses meet every part of the FTC rule, from documentation to tools and training. With HelixDesk, you’re never left navigating compliance alone.
Request your free Safeguards Rule consultation today and make sure your business is protected, covered, and credible.