Which of the following rules requires each financial institution to document a data security plan describing the company's preparation and plans for the ongoing protection of clients' personal data?
A)Safeguards Rule
B)Pretexting Rule
C)Financial Privacy Rule
D)Discovery Rule

Question

Quizplus · Accepted Answer

The Safeguards Rule, implemented by the Federal Trade Commission (FTC), requires financial institutions to create and maintain a comprehensive, written data security plan that outlines the measures taken to protect consumers’ personal information. This includes how the institution identifies and assesses risks to customer data, how it designs and implements safeguards to control these risks, and how it will regularly monitor and test the effectiveness of its safeguards.

Which of the Following Rules Requires Each Financial Institution to Document