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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

New Vaccine Requirement for Select CMS-Participating Facilities

November 10, 2021On November 4, 2021, the Centers for Medicare and Medicaid (“CMS”) released a new rule requiring certain healthcare facilities to implement policies requiring employees to be vaccinated against COVID-19. It does not matter if a staff member does not perform patient treatment services, they must still be vaccinated if an employee of an applicable facility.Client Alert

OSHA COVID-19 EMERGENCY TEMPORARY STANDARD (ETS) Vaccination, Testing, Recordkeeping, and Reporting

November 5, 2021The Occupational Safety and Health Administration has issued its long-awaited COVID-19 Emergency Temporary Standard (ETS). Note that the ETS does not apply to employers covered under the Safer Federal Workforce Task Force COVID-19 Workplace Safety: Guidance for Federal Contractors or Subcontractors (see here), or to settings where employees provide healthcare services subject to OSHA’s ETS for the healthcare industry (see here).Client Alert

Interesting Trends Revealed in 50-State Medicaid Budget Survey

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Changes to Physician Assistant Statutes in Florida

October 22, 2021In the last year, there have been many changes to the scope of practice and collaboration/supervision requirements for advanced practice providers such as APRNs and physician assistants in the state of Florida. In a previous Client Alert we discussed House Bill 607, which expanded the autonomous practice of APRNs providing primary care services in Florida.Client Alert

Ohio Senate Bill 49 – Ohio Expands Lien Rights for Design Professionals

October 20, 2021Effective September 30, 2021, Ohio granted limited lien rights to design professionals, including architects, landscape architects, engineers, and surveyors. Ohio Governor Mike DeWine signed Senate Bill 49 into law on July 1, 2021. This new law established a statutory right to lien commercial real estate by Ohio design professionals who, until now, could not file a lien for non-payment of professional services. Senator Vernon Sykes, a primary sponsor of Senate Bill 49, stated that the “legislation ensures that architects, engineers and other designers will get paid for their work, regardless of the outcome of their projects . . . It will support hardworking Ohioans by protecting the value of their labor . . ..”
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