The Federal Trade Commission (FTC) plays an undeniably important role in the modern cybersecurity landscape. Each decision the FTC makes helps to redefine the status quo of the nation’s security and privacy culture, which is why it’s so important to pay attention!
Whereas many IT and cybersecurity professionals are only just now beginning to follow the FTC, Brainlink is among the few sufficiently insightful industry players that have long adhered to FTC settlements and guidelines. We do this because we know that it’s better to be safe than sorry.
It’s vital for members of the construction industry to understand the consequences of failing to properly protect your customers’ data have always been severe:
- Clients rarely continue to work with businesses after they’ve suffered a data breach.
- What’s worse is that offenders do a poor job of learning from their mistakes.
- For certain companies, the FTC has mandated 20-year bi-annual compliance reviews.
Still not convinced? Consider a few real-world cases of major security failings and the related consequences.
Patco Construction Inc.
This, a Maine-based construction firm was infected with the Zeus Trojan virus and subsequently robbed of nearly $600,000. Eventually, their bank recovered $243,000 but Patco was left with a $345,000 tab and had to deal with three years of lawsuits before the case settled.
“We had hundreds of thousands of dollars in legal fees,” says Patco Co-Owner and Treasurer Mark Patterson. “So even after we got the $345,000 back, we lost hundreds of thousands.”
Target Corporation
Similarly, Target was hit with a major credit card fraud malware attack when hackers gained access to their network through the corporation’s HVAC vendor, who had been given external access for business purposes. What may have been a standard process for providing vendor access just a few years ago became a major security oversight for Target, costing them millions of dollars in damages and upgrades to their systems after the fact.
Our clients enjoy success, security practices they can rely on and a competitive advantage in their industry because Raj knows the game better than most other players on the field. Why not find out what he can offer you?
For more than ten years, Brainlink founder Raj Goel has provided invaluable education on this precise topic in his presentation, “Lessons Learned From The FTC”. The presentation covers how the FTC has, on numerous occasions, identified major failings and missteps in cybersecurity standards among major corporations such as Microsoft, Google, and Twitter. Brainlink has paid attention and taken note of key FTC decisions; can your IT firm say the same?
Ensure your firm’s data safety, security and privacy compliance by partnering with proven experts. Contact Raj at 917-685-7731 or raj@brainlink.com to get started.