Data Encryption Software for FTC Safeguard Rule

What is the FTC Safeguards Rule?

The Federal Trade Commission (FTC) Safeguards Rule requires financial institutions under FTC jurisdiction to have measures in place to keep customer information secure.

The FTC Safeguards Rule outlines encryption as a way to strengthen the security of customer data. Rule 314.4 (c) (3) states: "In order to develop, implement, and maintain your information security program, you shall... Protect by encryption all customer information held or transmitted by you both in transit over external networks and at rest."

Who does the FTC Safeguards Rule apply to?

The Safeguards Rule applies to "financial institutions” over which the Commission has rulemaking authority pursuant to section 501(b) of the Gramm-Leach-Bliley Act. View the FTC's guidelines for more information on whether your organization falls under the FTC Safeguards Rule.

Auto Dealerships

Auto dealerships manage sensitive consumer financial data related to vehicle purchases and loans. Auto dealerships need to securely collect and manage this financial data, whether via email or secure file-sharing platforms.

Read this article to learn more about what FTC amendments apply to auto dealerships and how to apply data encryption to meet those requirements. A woman uses Virtru to protect auto dealership customer data

A woman uses Virtru to protect auto dealership customer data

Mortgage Lenders

The mortgage application process includes the collection of a wide range of sensitive consumer data. Mortgage lenders should leverage encrypted file sharing solutions to securely collect and share sensitive data with loan applicants. A mortgage lender consults with a couple

A mortgage lender consults with a couple

Tax Preparers and Financial Advisors

Trusted financial advisors must protect client data by keeping sensitive financial information confidential. Whether you're sharing an estate plan or requesting tax forms via email, it's vital to ensure complete security and privacy of that data at all times.

View of Virtru Secure Share interface for file requests

Travel Agencies, Collections Agencies, and Others

The FTC highlights additional organizations that may fall under the Safeguard Rule, including travel agencies, check cashiers, wire transferors, collection agencies, and more. Image showing available message options using Virtru

Image showing available message options using Virtru

Deploy Virtru to Support FTC Safeguards Compliance with Encryption

Virtru’s easy-to-use data security solutions help organizations strengthen compliance and control over customers' financial data.

Easy Email Encryption for Gmail and Outlook

Virtru’s email encryption layers into the business applications you already use, so your teams won't have to change their workflows to protect sensitive data. Plus, Virtru works with your existing Google and Microsoft credentials, so there are no new passwords to create (or remember).

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Securely Collect Files from Clients

Make it easy for clients to securely send their financial information — like loan applications, tax forms, Know Your Customer information (KYC), and paystubs. Just put a link to Virtru Secure Share on your website or in your email signature, and clients can easily submit encrypted files in a way that gives them confidence and control.

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Make Encryption Automated and Invisible

The Virtru Data Protection Gateway runs behind the scenes, server-side, to automatically detect and protect sensitive information flowing in and out of your business through email and SaaS apps like Salesforce, Zendesk, and many more.

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Support GLBA, CFPB, FINRA, and PCI Compliance

Secure Cardholder Data for PCI Compliance

Payment Card Industry (PCI) data security standards apply to those who accept or process payment cards. That includes protecting stored cardholder data as well as encrypting the transmission of cardholder data across open, public networks. It also requires maintaining a policy that addresses information security for employees and contractors.

Data Encryption for GLBA Compliance

The Gramm-Leach-Bliley Act requires financial institutions (including insurance providers) to safeguard customer information by developing, implementing, and maintaining a comprehensive information security program, one element of which is to “protect by encryption all customer information held or transmitted by you both in transit over external networks and at rest,” wherever feasible.

Strengthen Confidentiality for FINRA Compliance

Largely aligned with the National Institute of Standards and Technology (NIST) recommendations for cybersecurity, FINRA evaluates firms’ cybersecurity and risk management processes to ensure customer data is protected. According to FINRA, it “assesses a firm’s ability to protect the confidentiality, integrity, and availability of sensitive customer information.”

Preserve Consumer Privacy for CFPB Compliance

The Consumer Financial Protection Bureau underscores the need to comply with GLBA, particularly as it relates to transparently communicating privacy practices to consumers.