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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

Primary Care Practice Officially Defined in Florida for APRNs Practicing Autonomously

October 12, 2021As many providers in Florida are aware, House Bill 607 (the “Bill”), which was passed in February of last year, gives certain APRNs in Florida the ability to practice autonomously. The only catch is that they must work in primary practice. When the Bill was initially passed, there was question as to what was exactly considered primary care, absent a definition from the Florida Board of Nursing. However, as of February 25, 2021, “primary care practice” has officially been defined.Client Alert

Part II of the No Surprises Act

October 12, 2021The Department of Health and Human Services (“HHS”) published Part II of the No Surprises Act on September 30, 2021, which will take effect on January 1, 2022. The new guidance, in large part, focuses on the independent dispute resolution process that was briefly mentioned in Part I of the Act. In addition, there is now guidance on good faith estimate requirements, the patient-provider dispute resolution processes, and added external review provisions.Client Alert

Safer Federal Workforce Task Force - Guidance for Federal Contractors and Subcontractors

September 27, 2021The Safer Federal Workforce Task Force has issued its Guidance for Federal Contractors and Subcontractors (Guidance). Note that the Guidance applies only to “covered contracts,” which are contracts that include the clause (Clause) set forth in Sec. 2(a) of Executive Order 14042 (Ensuring Adequate COVID Safety Protocols for Federal Contractors). The Federal Acquisition Regulatory Council (FARC) is to conduct rulemaking and take related action to ensure that the Clause is incorporated into federal contracts. Until that happens, federal contractors likely will not see the Clause in its contracts. Following is a broad summary of the Guidance.Client Alert

Banking & Cannabis: The Next Frontier Webinar

September 23, 2021On Tuesday, September 21st, BMD’s own Banking and Cannabis Partner, Stephen Lenn, hosted a star-studded cast of panelists in a webinar titled Banking & Cannabis: Cannabis Lending, The Next Frontier. The webinar, which had to suspend registrations when hitting a maximum cap of 500, aimed to explore issues related to cannabis and banking, with a particular emphasis on lending. With the sponsorship and support of the Bankers Associations of Arizona, Colorado, Ohio and Utah, Steve was able to recruit an elite group of bankers, bank regulators, cannabis industry players, and cannabis regulators, who took the topic head on. The discussion kicked off with an opening from the keynote speaker, VP of Congressional Affairs for the American Bankers Association, Tanner Daniel.Client Alert

Is Your Bonus System Creating Wage and Hour Violations? A Hidden Impact of the Labor Shortages

September 22, 2021As employers struggle with attracting and retaining talent, many have turned to incentives such as Signing Bonuses and Retention Bonuses. In doing so, employers may be inadvertently exposing themselves to overtime law violations. Employers with non-exempt employees know that the Fair Labor Standards Act (FLSA) requires an overtime premium to non-exempt for work in excess of 40 hours per week. However, all too often, employers miscalculate the “regular rate” of pay, which is used for calculating the “overtime rate.” The miscalculation is becoming more prevalent in today’s market when employers fail to include supplemental compensation, such as certain Signing Bonuses and Retention Bonuses into the regular rate of pay. An example: A non-exempt employee is hired at a rate of $20 per hour, and also receives a retention bonus of $1,200 after working for 12 weeks. In her 11th week of work, employee works 50 hours. In her 14th week of work, employee works 50 hours. What is her paycheck in week 11? What is her paycheck in week 14?
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