Data Security - Global Financial Aid Services

Protecting Student Data

The average cost of a data breach is $3.79 million for a college or university.

FTC Safeguards Deadline Extended to June 2023

For certain provisions of the updated Safeguards Rule, the Federal Trade Commission has extended the compliance deadline by six months – to June 9, 2023 – in response to reports of personnel shortages and supply chain issues, mostly due to COVID-19. The original deadline to implement these changes was December 9, 2022.

Gramm Leach Bliley Act

GLBA & Updating Data Security

Regulatory changes related to the Gramm-Leach Bliley Act that become effective December 9, 2022, will likely require colleges and universities to update and revise their security programs. The Federal Trade Commission, which enforces GLBA for higher education institutions, issued a final rule Federal Register in December 2021, with most GLBA