CyberCatch Holdings, an AI-enabled Software-as-a-Service (SaaS) solution provider of continuous compliance and cyber risk mitigation, is pleased to announce the launch of an innovative solution to enable compliance with U.S. Federal Trade Commission (FTC) cybersecurity requirements under its Safeguards Rule and recent amendment.
There are thousands of non-bank financial institutions (NBFIs) in the U.S. that must comply with the FTC’s Safeguards Rule and the recent amendment, and must implement not only an adequate information security program and cybersecurity controls, but also must now report a cybersecurity incident affecting at least 500 consumers to the FTC.
These organizations range from auto dealers and 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, fintech companies, among a wide range. They are all high value targets of cyber attackers, since they handle large amounts of confidential and sensitive consumer information and rely on many third parties and have not invested adequately in cybersecurity.
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This is why the FTC has amended its Safeguards Rule to highlight the cyber risk faced and is reminding these organizations of the compliance obligation to implement adequate cybersecurity and now mandating the reporting of a cybersecurity incident to the FTC.
CyberCatch’s unique AI-enabled Compliance Manager Software as a Service (SaaS) solution enables 6 times faster compliance accurately and at an investment less than any other solution for compliance with cybersecurity rules, regulations and standards, ranging from FAR, NIST 800-171, CMMC, NIST CSF, NIST 800-53, ISO 27001, CAN/CIOSC 104, EU NISD, among other requirements.
Now CyberCatch is launching a new solution, FTC Compliance Manager, for the thousands of NBFIs that must perform a compliance risk assessment and implement and maintain cybersecurity controls, and report a cybersecurity incident to the FTC. These organizations also pose upstream cyber risk since they could be the easy initial point of entry for the cyber attacker to pivot into the eventual target.
CyberCatch’s solution is unique, most affordable and an unmatched value proposition, comprised of:
- AI-enabled cybersecurity advisor to guide and answer any questions so the compliance risk assessment can be completed quickly and accurately
- Workflow engine for the compliance risk assessment
- All prescribed controls organized by domains
- Compliance tips
- Policy and procedure templates
- Charts, reports and evidence repository
“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,” said Sai Huda, founder and CEO, CyberCatch.
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