At what number of customers compromised does Chris say reporting is required?

Name: When do you need to report a data breach?
Uploaded: 2024-06-21T19:30:02Z
Channel: Chris Wiser
Description: Chris Wiser breaks down new data-breach reporting rules: you must report when 500 customers' data are compromised, the requirement now covers MSPs and…

Chris WiserSerial Entrepreneur and MSP Growth Catalyst

When do you need to report a data breach?

21 Jun 2024

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Chris Wiser breaks down new data-breach reporting rules: you must report when 500 customers' data are compromised, the requirement now covers MSPs and other companies, and the FTC's broad definition of "financial institution" could pull in most U.S. businesses that handle money.

Questions this video answers

500 customers

The first change is that it has widened the scope of when you need to report a data breach, and now it applies if you have or you know that 500 of your customers data has been compromised in a data breach. Another wide reaching change is that they have actually broadened the scope of the type of companies that would need to report a data breach. And that applies to MSPs for the most part, in typical legislation fashion, they have not clearly defined what a financial institution is because, and I'm paraphrasing here, the FTC has defined a financial institution as basically any company that deals with money, or tangentially deals with money. Right. So that could theoretically apply to a lot of companies, if not 99% of the companies that do business in the United States.