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A very important cyber regulatory action. In a week that has kicked 2023 off to a start with resilience issues and cyber attacks. The Federal Trade Commission (FTC) this week Finalized the order with Online Alcohol Marketplace Drizzly, following its 2020 data breach.
Why is this order important? It is one of the first regulatory responses that specially targets the CEO of a firm, for the firms failures to manage cyber and by extension their failure. Alongside the company having to implement a information security program the CEO of Drizzly must implement an information security program at future companies if he moves to a business collecting consumer information from more than 25,000 individuals, and where he is a majority owner, CEO, or senior officer with information security responsibilities.
One suspect that this sets board room precedence for cyber and is a sign of the actions to come from the FTC and other regulators in 2023.
Ted Dziekanowski Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #cyberregulation #cyberlegal
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