North Dakota's H.B. 1127, signed into law on April 11, 2025, mandates significant data security measures for financial corporations. This legislation, distinct from regulations governing banks and credit unions, necessitates a comprehensive information security program that includes rigorous risk assessments and the appointment of a qualified individual to oversee the security measures. Key provisions involve implementing encryption, access controls, and multifactor authentication, with ongoing risk management being central to the compliance framework. These requirements echo key aspects of the federal Gramm-Leach-Bliley Act Safeguards Rule, indicating a push for enhanced customer information security in the financial sector.
Covered entities, mandated by North Dakota’s new Act, must bolster cybersecurity through comprehensive information security programs, risk assessments, and safeguard implementations.
The Act aligns closely with federal guidelines, emphasizing the necessity for financial corporations to develop robust security measures to protect customer information.
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