James E. Vinocur, partner in the firm’s Cybersecurity and Data Privacy group, analyzed in PICPA’s CPA Now blog updates to the Gramm-Leach-Bliley Act Safeguards Rule that dictates new data privacy protocols for non-banking financial institutions.  

The rule had some changes in 2022, with others slated to go into effect in June of this year. Some revisions are not applicable to small businesses that maintain information for less than 5,000 clients. 

The updated Safeguards Rule includes the distinction of a “qualified individual” to manage the security and enforcement of privacy protocols, expansion of written risk assessment requirements, requirement of a written incident response plan, and more to protect client data. 

“While many of the rules may appear daunting at first, their development and implementation with the aid of a privacy professional or adviser can drastically improve a company’s security system,” he said.  

READ THE FULL ARTICLE HERE: 

“Safeguards Rule Updates: Data Security a Must for CPAs,” CPA Now, February 21, 2023 

MORE ABOUT GOLDBERG SEGALLA’S JAMES E. VINOCUR: 

James E. Vinocur is a highly experienced litigator with more than 10 years of experience handling matters in New York courts. His extensive experience includes data privacy litigation, cyber and white-collar fraud, including institutional and corporate cyber intrusions and theft, international money laundering schemes, business email compromise fraud, international identity theft rings, SIM swapping schemes, and complex cryptocurrency fraud.