Cybercatch Holdings Debuts Tool For Nonbanks To Achieve FTC Cybersecurity Compliance

WRE News December 7, 2023


Cybercatch Holdings Debuts Tool For Nonbanks To Achieve FTC Cybersecurity Compliance

CyberCatch Holdings Inc. (TSXV: CYBE), an AI-enabled Software-as-a-Service (SaaS) solution provider of compliance and cyber risk mitigation solutions, has unveiled a product designed to enable nonbanks to comply with U.S. Federal Trade Commission (FTC) cybersecurity requirements.

CyberCatch noted there are thousands of non-bank financial institutions (NBFIs) that must comply with the FTC’s Safeguards Rule and the recent amendment. These NBFIs include mortgage lenders, mortgage brokers, title companies, collection agencies, tax preparation firms, personal property or real estate appraisers, investment advisers not required to register with the SEC, non-federally insured credit unions and fintech companies.

The new FTC Compliance Manager provides these NBFIs with an AI-enabled cybersecurity advisor to guide to answer questions related to compliance risk assessments. The product includes a workflow engine for the compliance risk assessment, all prescribed controls organized by domains, compliance tips, policy and procedure templates, and related charts, reports and an evidence repository.

“With CyberCatch’s solution, thousands of NBFIs in the U.S. can now easily, quickly and affordably comply with FTC’s cybersecurity requirements and attain and maintain cyber safety,” said Sai Huda, CyberCatch’s founder and CEO. “Our new solution also enables six times faster compliance accurately and at an investment less than any other. It is a must-have cyber risk mitigation solution,” said Sai Huda.

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