In the event of a data breach or other security event, nonbanks such as mortgage brokers must now report the incident to the Federal Trade Commission. This is a change from the previous policy, which only required banks to report such incidents.
The new reporting requirement is part of the FTC’s efforts to protect consumers’ information. By requiring all companies to report data breaches and security events, the FTC will be able to better track incidents and identify patterns. This will help the agency take action to prevent future breaches and protect consumers’ information.
You can read this full article at: https://www.housingwire.com/articles/ftc-requires-nonbank-financial-institutions-to-report-data-breaches/(subscription required)
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