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Security & Compliance

What is the FTC Safeguards Rule for Accountants?

Accounting firms must comply with the FTC’s Safeguards Rule by June 9, 2023. The Safeguards Rule requires firms to implement the strongest security safeguards the accounting industry has ever seen. Penalties for non-compliance are up to $46,000 per day. Over 30,000 businesses and 2 million users rely on SmartVault’s document management and secure file sharing to keep their data safe.

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The FTC’s Safeguards Rule Protects Data

The Federal Trade Commission (FTC) enacted the Standards for Safeguarding Customer Information – the Safeguards Rule – in 2003 to help businesses protect consumer and customer data. The Safeguards Rule stems from the Gramm-Leach-Bliley Act (GLBA), which is the United States law requiring financial institutions to protect the integrity, confidentiality, and security of customer data. Here’s how SmartVault can help:

Access Controls

Set granular access to files and folders, and who can view, create, edit, or delete them. Quickly see who has access and revoke or change their permissions.

Encryption at Rest and Transit

SmartVault automatically encrypts your data in transit and at rest using bank-level standard AES-256 bit encryption.

Multi-Factor Authentication (MFA)

SmartVault has MFA, which requires users to log in with their email address, password, and a verification code.

Information Disposal

Admins can remove a customer’s data in just a few steps.

Activity Monitoring

SmartVault automatically tracks all user activity, including when they upload, download, delete, or change a folder, vault, or document. This report is an authoritative record that no one can edit.

Reliable Security

You’re responsible for ensuring the data is safe on your selected vendor’s software. You can rest assured it is with SmartVault.

Schedule a 15-minute consultation

Don’t wait until it’s too late. Sign up for a consultation today and take the first step towards safeguarding your business and your customers’ trust. We look forward to helping you ensure that your business is fully compliant with the FTC Safeguards Rule.

Schedule a 15-minute Demo