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From the Cybersecurity News Desk

FTC’s New Deadline for Safeguard Rule Has a Huge Impact on Higher Education

The Federal Trade Commission announced an extension to this rule for companies to meet compliance by June 9, 2023

Contributed by Rachel Sheley, Security Specialist, GreyCastle Security

The Safeguard Rule that was updated and approved on October 2021 was meant to be implemented by December 9th, 2022. According to a letter by the Small Business Administration’s Office of Advocacy, companies have been adversely affected by the pandemic, and worries about meeting compliance within the timeframe and fear of being shut down were a concern. The Federal Trade Commission responded by extending the deadline 6 months out to June 9th, 2023, taking into consideration of these upcoming concerns.

Safeguarding customer information is extremely important for all institutions to implement. However, it is also very important for all the requirements of the Safeguard Rule to be implemented correctly by allotting enough time to do so. As many institutions work to comply with, develop, implement, and maintain a comprehensive information security program, the 6-month extension was well received.

A sigh of relief has been heard across the country, but not as a lack of continuous efforts to improve cybersecurity resiliency, defensibility, or maturity, but to have time to implement the holistic approach of ensuring that these safeguards are defined.  In addition, raising the bar to aspire to manage and optimize the information security program level quantitatively is a goal for many GreyCastle Security Higher Education clients.

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