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Regulatory Issues Of The Private Sector

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Regulatory Issues
Some breaches goes way beyond the when and how bad the breach is and what agencies will get involved. The fear is not only about their own customers, clients and shareholders but from agencies like the SEC, FTC, FCC, CFPB and others alike. All have different agendas, regulations and standards on how they approach a cyber-breach situation. The major fear for the private sector is regulatory laws. What if they are not following federal regulatory requirements? This is a risk that some companies are not willing to take to share information about a threat they may have found. The agencies feared the most is the FTC and the SEC.
Federal Trade Commission (FTC) is a government agency that was initially “established to
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This failure is what leads to their data security being breached twice more in less than two years. (Federal Trade Commission)
The FTC is not the only agency that has issued some kind of guidelines for organizations to follow when it involves data security. The latest data breaches involving retail giants like Target and Neman Marcus, the Payment Card Industry Council issued security guidelines that are stricter and are meant for any retailers, banks or credit card companies that process credit card transactions. Noncompliance of the security guidelines could result in fines. Many agencies have increased their oversight for security measures that companies are expected to follow and maintain. In 2011 the Security and Exchange Commission (SEC) released guidance for public traded companies regarding their obligation to release and disclose incidents of cyberattacks. (Clarke & Olcott)
Securing cyberspace is one of the most important and urgent challenges of our time. In light of the growing threat and the national security and economic ramifications of successful attacks against American businesses, it is essential that corporate leaders know their responsibility for managing and disclosing information security risk. (Rockefeller, Menendez, Whitehouse, Warner, & Blumenthal)
Cybersecurity issues are not something just for the IT department to decipher and manage. Board of directors and
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