The efforts of the CFPB center on the potential misuse and abuse of personal financial data. It is inevitable that financial companies have the risk of violating the Consumer Financial Protection Act as data security incidents occur. More so, it was confirmed by the CFPB that these violations happen due to failure in safeguarding consumer data.
Examples of failures to implement data security measures are stated by the Consumer Financial Protection Bureau which are Multi-factor Authentication, Adequate Password Management, and Timely Software Updates. It is reflected that it is crucial for firms to be aware and take action in ensuring the customer's data is not at risk.
More of these are elaborated in CFPB's press release which we would share through the link below. TCFS & Associates share the latest updates on compliance and auditing topics. We encourage you to check our website, share your insights on the topic through the comment section, or contact us if you are interested in our services—Security Audits, Risks Assessments & Consulting.
CFPB's press release on how they protect the public from shoddy data security practices:
https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-protect-the-public-from-shoddy-data-security-practices/