FTC Lessons Learned: Corporate Board Oversight | Hinshaw Privacy & Cyber Bytes - Insights on Compliance, Best Practices, and Trends
The Business Alert On April 28, 2021, the FTC issued a business alert reminding corporate boards to make data security a priority and to advocate implementing a top-down approach to the issue. The alert warns: “In addition to the significant costs to consumers, data breaches, network intrusions, and looming cyber threats can open up a firm to substantial financial costs, reputational hits, and legal liability.” The Business Alert suggests that data security begins with corporate Board of Directors instead of the IT Department. The Recommendations FTC staff offered five “common-sense rec...