CyberCatch, an artificial intelligence (AI)-enabled software-as-a-service (SaaS) solution provider specialising in continuous compliance and cyber risk mitigation, has unveiled a solution designed to facilitate compliance with the US Federal Trade Commission (FTC) cybersecurity requirements.
The new solution pertains specifically to the FTC’s Safeguards Rule and a recent amendment.
The US is home to a myriad of non-bank financial institutions (NBFIs) that fall under the purview of the FTC’s Safeguards Rule and its recent amendment. These entities are now mandated to not only implement robust information security programmes and cybersecurity controls but are also required to report any cybersecurity incident affecting at least 500 consumers directly to the FTC.
This diverse array of organisations includes auto dealers, finance companies, mortgage lenders, mortgage brokers, title companies, payday lenders, check cashing companies, collection agencies, tax preparation firms, personal property or real estate appraisers, investment advisers not required to register with the SEC, non-federally insured credit unions, and fintech companies, among others.
Given the considerable volume of confidential consumer information they handle, coupled with reliance on numerous third parties and often insufficient investments in cybersecurity, they represent lucrative targets for cyber attackers.
Recognising the heightened cyber risk faced by these organisations, the FTC has amended its Safeguards Rule, emphasizing the imperative for robust cybersecurity measures. Notably, the FTC now mandates the reporting of any cybersecurity incident, underlining the critical need for compliance.
CyberCatch’s newly launched FTC Compliance Manager, an extension of its AI-enabled Compliance Manager Software as a Service (SaaS) solution, addresses this compliance challenge. Offering a unique and unparalleled value proposition, the solution enables these NBFIs to conduct compliance risk assessments, implement and maintain cybersecurity controls, and fulfill reporting obligations to the FTC.
Importantly, it also addresses the upstream cyber risk these organisations pose, serving as a potential entry point for cyber attackers.
Key features of CyberCatch’s solution include:
– AI-enabled cybersecurity advisor for swift and accurate completion of compliance risk assessments.
– Workflow engine facilitating the compliance risk assessment process.
– Prescribed controls organized by domains.
– Compliance tips for enhanced guidance.
– Policy and procedure templates.
– Comprehensive charts, reports, and an evidence repository.
CyberCatch’s innovative FTC Compliance Manager not only streamlines compliance but also offers a cost-effective solution, presenting a compelling choice for NBFIs navigating the evolving landscape of cybersecurity rules, regulations, and standards.
CyberCatch founder and CEO Sai Huda said: “With CyberCatch’s solution, thousands of NBFIs in the U.S. can now easily, quickly and affordably comply with FTC’s cybersecurity requirements and attain and maintain cyber safety. Our new solution also enables 6 times faster compliance accurately and at an investment less than any other. It is a must-have cyber risk mitigation solution.”
