These costs do not even include other, less direct costs, such as the loss of business or reputational damage.
According to the Ponemon Institute in 2015, the total average cost of a data breach is now $3.8 million, up from $3.5 million a year earlier, or $154 per individual record lost or compromised. Companies who are victims of these attacks have suffered huge financial losses. It states, in pertinent part: (1) Unfair methods of competition in or. Section 5 prohibits entities from engaging in unfair or deceptive acts or practices in interstate commerce.
#Ftc act s 5 download
Often, attackers find their way to company data through vendors, who provide technical or financial services or through targeted e-mail attacks directly on company employees, using social exploits to induce unsuspecting individuals to open e-mail attachments and download malware. Section 5 of the Federal Trade Commission Act (FTC Act), Ch. Section 2 of the Washington legislation paralleled the FTC Act.
They are holding data hostage and attempting to extort millions of dollars from companies who wish to avoid the risk of data loss and public embarrassment. 36 Consumer Protection-Unfair Competition and Acts, 1961 Wash. Moving past credit cards, cybercriminals are increasingly going after proprietary business data and deploying ransomware and cyber blackmail. The FTCs recent actions indicate that the FTC will act if it perceives that providers of these alternatives to credit are engaging in any UDAPs. Virtually all industries have been targeted. Major data breaches suffered by companies such as Target, Sony, Anthem Health Care, and others, have exposed hundreds of millions of individuals to the risk of credit loss and identity theft. Restructuring, Bankruptcy & Creditors' RightsĬyber attacks seem only to be increasing in frequency and severity.Intellectual Property Counseling, Patent & Trademark Procurement.
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