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FTC Increases Targeting of Companies Lacking Cyber Protection

Client Alert
May 13, 2024

Here is how businesses can develop cyber strategies to mitigate breaches and financial risk.

The Federal Trade Commission (FTC) recently released a comprehensive cybersecurity report outlining key findings and recommendations based on emerging threats, trends in data breaches, and strategies for businesses to enhance their cybersecurity posture observed over the last year. The FTC strives to protect consumer privacy and respond to the evolving ways that companies use consumer data such as in the development of artificial intelligence models and misuse of health data. 

Importantly, the report emphasized the need for proactive measures to mitigate risks and highlighted the FTC’s initiative in targeting companies that fail to implement reasonable data security measures to protect consumer data. 

Here are some key strategies for businesses: 

  1. Risk Assessment and Management: Conduct regular risk assessments (at least annually) to identify potential vulnerabilities and prioritize them based on their potential impact on the business. Develop and implement a risk management plan to address these vulnerabilities effectively.
  2. Cyber Security Policies and Procedures:  Implement basic cybersecurity policies to protect its assets, data, and operations from cyber threats.
  3. Employee Training and Awareness: Educate employees about cybersecurity best practices, such as recognizing phishing emails, using strong passwords, and reporting suspicious activity. Regular training exercises help reinforce awareness.
  4. Access Control and Privilege Management: Implement strong access controls to limit user privileges and restrict access to sensitive data and systems. Use multi-factor authentication (MFA) where possible to add an extra layer of security.
  5. Data Encryption: Encrypt sensitive data to protect it from unauthorized access. 
  6. Patching: Keep software and systems up to date with the latest security patches to address known vulnerabilities. Establish a patch management process to ensure timely deployment of patches across the organization.
  7. Network Security: Deploy firewalls, intrusion detection/prevention systems, and other network security measures to monitor and protect against unauthorized access and malicious activity. Segment networks to limit the spread of potential breaches.
  8. Incident Response Plan: Develop a comprehensive incident response plan that outlines procedures for detecting, containing, and mitigating cybersecurity incidents. Test the plan regularly through tabletop exercises and simulations.
  9. Vendor Risk Management: Assess the security practices of third-party vendors and service providers to ensure they meet your organization's security standards. Include contractual clauses that outline security requirements and responsibilities.
  10. 10. Cyber Insurance: Consider obtaining cyber insurance to mitigate financial risks associated with cybersecurity incidents, such as data breaches or business interruptions.

By adopting a proactive approach to cybersecurity and implementing these strategies, businesses can enhance their cybersecurity posture and better protect themselves against evolving threats and complying with ever increasing legal obligations.  

BMD assists companies design and implement a strategy to achieve technical and organizational controls to bolster cybersecurity and data protection.  

If you have any questions regarding this topic and how to protect your company's data, please contact BMD Member Brandon Pauley at btpauley@bmdllc.com.

Cybersecurityfederal trade commissionBrandon PauleyConsumer PrivacyArtificial Intelligence
Client Alert

Ohio Department of Health Releases Updated Charge Limits for Medical Records

March 7, 2022Under Ohio law, a healthcare provider or medical records company that receives a request for a copy of a patient's medical record may charge an amount in accordance with the limits set forth in Ohio Revised Code Section 3701.741. The allowable amounts are increased or decreased annually by the average percentage of increase or decrease in the consumer price index for all urban consumers, prepared by the United States Department of Labor, Bureau of Labor Statistics, for the immediately preceding calendar year over the calendar year immediately preceding that year, as reported by the Bureau. The Director of the Ohio Department of Health makes this determination and adjusts the amounts accordingly. The list is then published, here.Client Alert

No Surprises Act Compliance (Published by NAMAS, 2/25/22)

March 7, 2022The Department of Health and Human Services published three parts to the No Surprises Act towards the end of 2021, which took effect January 1, 2022. The Act is intended to protect consumers from “balance billing,” which occurs when a patient receives a bill with a higher price than they may have anticipated because they did not have knowledge that the provider or facility was out-of-network. The purpose of this article is to note certain requirements that compliance employees will need to be aware of at their facilities, including notice and consent, good faith estimates, and public disclosures.Client Alert

No Surprises Act and You (Published in the SCMS Winter 2022 Newsletter)

March 3, 2022Legislation has been adopted by the United States Congress and the Ohio Legislature known as the “No Surprises Act” which attempts to regulate billing by professionals and facilities to patients who are not in networks with those facilities or providers at those facilities. The federal bill was triggered by some sensational news stories of patients being billed for tens of thousands of dollars for emergency care when the hospital was out of the network under the patient’s insurance plans.Client Alert

Are You Impacted by the Project Labor Agreement Executive Order?

February 28, 2022Project Labor Agreements (PLAs) are a quasi-collective bargaining agreement between employers and unions. They establish the terms and conditions of employment, including dispute resolution. They are put into place on specific projects and apply to the contractor, whether it is union or non-union. Employees hired on the project will be treated as union.Client Alert

No Surprises Act Update: Federal Judge Strikes Portions of the No Surprises Act

February 25, 2022In a win for providers, a Texas federal court granted the Texas Medical Association’s (TMA) motion for summary judgment and struck down portions of a federal rule that establishes a reimbursement rate arbitration process between payors and providers under the No Surprises Act (NSA).
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