FTC Safeguards Compliance Support
Not sure how to get started? Schedule a FREE FTC Safeguards consultation with a Drummond expert and get answers to your most pressing compliance and cybersecurity questions.
Ensure Your Client’s Financial Data is Protected
FTC Safeguards compliance can be daunting. Complex regulations and evolving threats make it essential for organizations to stay vigilant.
Our dedicated experts are here to demystify the process and build confidence in your ability to safeguard your customers’ financial and personal data.
Our FTC Safeguards services are tailored for non-banking financial institutions and include:
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3rd Party Compliance Validation Builds Trust
At Drummond, we understand that trust is the foundation of any relationship. Our mission revolves around helping highly regulated industries exceed compliance requirements, assess risk, and enhance their security posture.
We recognize that compliance is not just a formality but a strategic approach to building a secure foundation that fosters trust. Our team of experts is dedicated to auditing your security measures, pinpointing vulnerabilities, and providing clear, easy-to-implement recommendations.
When you’ve met all the necessary compliance requirements, you’ll be awarded the Drummond Validated badge, a symbol representing your unwavering commitment to safeguarding your customers’ financial data.
Non-Compliance is Risky
Despite the passing of the June 2023 deadline, many businesses continue to grapple with the FTC Safeguard compliance requirements, and some may have only recently become aware of its existence.Â
The consequences of non-compliance are significant, including potential regulatory scrutiny, hefty fines, and reputational damage, not to mention the risk to your customer’s financial data.
Cybersecurity threats are ever-present, and non-compliance is a risk that no lender can afford to take.
Drummond Group offers a proven path to FTC Safeguards compliance.Â
Our comprehensive audit services extend beyond mere checkbox compliance, delving into the heart of your current programs. Through insightful multi-stakeholder interviews and actionable recommendations, we ensure you achieve full compliance.
Our commitment is to identify gaps in conformance and help you address them effectively.
Identifying Gaps Is the First Step to Compliance
Drummond’s GAP Assessment processes involve a structured approach to evaluating your current compliance status against requirements. This methodology includes:
Project Initiation
A Drummond representative will be assigned as your primary point of contact and project manager, managing the assessment from start to finish. Initial steps involve a kickoff teleconference to:
- Review business drivers, desired outcomes, and expectations
- Discuss any limitations or constraints
- Outline the assessment scope and schedule
- Determine start and end dates, along with the estimated report delivery date
Pre-Assessment Preparation
Before commencing the assessment, the project manager will provide:
- List of suggested documentation to collect
- Setailed project plan to ensure clear expectations
- Proposed schedule for the assessment
Assessment Methodology
The assessment will cover the following functional areas:
- Administrative Safeguards
- Physical Safeguards
- Technical Safeguards
- Organizational Requirements
- Policies and Procedures
Documentation Review
We will review your organization’s policies, procedures, and supporting documentation, considering industry best practices and applicable regulations. Commonly reviewed documents include:
- Network and data flow diagrams
- Risk management policy
- Information security policy
- Privacy policy
- Configuration standards
- Software development lifecycle (SDLC) standards
- Incident response plan
- Business continuity plan
- Disaster recovery plan
- Third-party risk management policy
- Security awareness documentation
- Cryptographic key management procedures
Interviews and Observations
The information collection will involve interviews with key personnel, focusing on access controls, logging and monitoring, software development, security responsibilities, existing security processes, and incident response plans.
Assessment Findings Report
Upon completing the assessment, we will analyze the collected information and compile a report detailing our findings and recommendations. Our thorough Quality Assurance (QA) process ensures the report’s accuracy and consistency. The final deliverable will be sent to the client, who will have ten business days to review and request any necessary modifications.
Unique Compliance Challenges Require Tailored Support
If a full compliance audit or GAP Assessment is not needed or desired, Drummond can support your compliance efforts with the following services:
Policy & Procedure Review
A comprehensive review of your FTC Safeguards compliance policies and procedures to identify gaps and weaknesses and recommend best practices.
Cybersecurity Assessments
Ensure your IT systems can withstand hacks and protect sensitive financial information with services like penetration testing, vulnerability scanning, and risk assessments.
Custom Engagements
Drummond’s team of compliance experts can supplement your internal expertise or resources, offering tailored support to meet your specific needs.
Why Drummond?
PROVEN DEEP EXPERTISE
With over 25 years in business, Drummond has a solid track record of helping organizations achieve compliance and strengthen cybersecurity measures.
Our team excels at supporting highly regulated industries. in addressing unique regulatory compliance challenges and cybersecurity. We ensure your organization meets all necessary standards with precision and care.
TRUSTED INTEGRITY & QUALITY
Our clients trust us because we bring honesty, empathy, and advocacy to every engagement. Our experienced staff, who often contribute to the frameworks used for compliance, are committed to delivering high-quality results and supporting your business’s greater good.
We prioritize quality in all aspects of our work. Our proven methodologies and dedication to continuous improvement help mitigate risk and achieve positive outcomes efficiently.
Act Now to Safeguard Your Customer’s Financial Data
It’s time to take proactive steps to protect your business, demonstrate your commitment to data security, and build trust with your customers.
Speak with a Drummond representative and learn more about our FTC Safeguards audit so you can embark on your journey to compliance.
Get started today.
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