On August 12, Gusto and other financial services sector leaders submitted a comment in response to the Federal Trade Commission’s (FTC) proposed changes to information security standards under the Gramm-Leach-Bliley Act.
The coalition, which includes Kabbage, Plaid, the Electronic Transactions Association, and The Payroll Group, represents hundreds of companies that process trillions of dollars of financial transactions each year.
The comment urges the FTC to enact principles-based standards that encourage accountability and responsible stewardship of consumer data. The coalition also cautions against prescriptive, “one size fits all” standards that are likely to impose overly burdensome requirements on small businesses and will not serve the security needs of specific organizations.
Read the full letter here: