The U.S. Federal Trade Commission has revised its Safeguards Rule under the Gramm-Leach-Bliley Act to strengthen data security measures for financial institutions, with full enforcement starting May 13, 2024. These amendments require institutions to develop comprehensive security programs that include administrative, technical, and physical safeguards tailored to their size and complexity, aiming to protect customer information against unauthorized access and potential threats. Compliance with the Safeguards Rule is crucial for financial entities, including banks, fintech companies, and other service providers, to prevent data breaches and maintain consumer trust. Non-compliance can result in significant penalties and reputational damage. The rule mandates elements such as designating a qualified individual, conducting risk assessments, implementing and monitoring safeguards, training staff, and notifying the FTC of security breaches. Businesses like Ascension Data and Analytics and Equifax have faced consequences for non-compliance, highlighting the importance of adhering to these regulations. Solutions like Fingerprint’s device intelligence platform can assist institutions in meeting these requirements by enhancing security without compromising user experience.