Cyberattacks pose a very real threat to all modern businesses, from massive corporate conglomerates to smaller local establishments, causing ever greater financial losses and increased headaches each year for all who are affected.
As a result, more and more business owners, particularly the proprietors of smaller businesses, are expressing a need for cybersecurity education. The Federal Trade Commission (FTC) is taking steps to meet those needs.
Cybersecurity Concerns: FTC Develops Educational Campaign
Over the past year, the Federal Trade Commission (FTC) held roundtable discussions with business owners in an attempt to ascertain the cybersecurity challenges they face.
As part of its mission to educate and protect consumers, the FTC has taken the information gathered through these discussions and developed a national education campaign that partners with many other government organizations, including:
- The Department of Homeland Security (DHS)
- The National Institute of Standards and Technology (NIST)
- The Small Business Administration (SBA)
This campaign, launching in conjunction with National Cybersecurity Awareness Month, includes a variety of educational materials developed to cover these and other cybersecurity-related topics:
- Cybersecurity basics
- Understanding the NIST cybersecurity framework
- Physical security
- Business email imposters
- Tech support scams
- Vendor security
- Cyber insurance
- Email authentication
- Hiring a web host
- Secure remote access
Read the full FTC Press Release — click here.
FTC Seeks to Address Small Business Cybersecurity Concerns
Small business owners have also indicated a need for information on protecting company mobile devices and requested a list of questions they should ask vendors regarding system security policies and procedures.
Tom Pahl, Acting Director of the FTC’s Bureau of Consumer Protection summarizes the purpose and content of the program this way:
“Small businesses understand the importance of cybersecurity and the need to protect their networks and data, but many feel overwhelmed about how to address the myriad of cyber threats they face. Our new campaign aims to help these small businesses with targeted, plain-language advice on everything from protecting against phishing scams to tips on what to look for when choosing a cybersecurity vendor.”
Read our recent blog post on top cyber threats here.
Cybersecurity Education Campaign Can Assist RIAs With Limited Budgets
Cybersecurity continues to be a National Exam Priority for the SEC and other regulatory bodies due to the many threats facing both the industry and investors alike.
Unfortunately, not all firms have adequate resources available to devote to their cybersecurity operations. Registered Investment Advisors (RIA) are often operating as small businesses themselves, with limited budgets available to address this critical issue.
To assist those with fewer resources, the FTC is making research and educational resources available to assist in the development of policies and procedures that meet minimum cybersecurity standards. It is highly recommended that smaller firms and individual RIAs take advantage of this opportunity to protect themselves and the investors they serve.
Assistance With Cybersecurity Policies and Procedures
Core Compliance & Legal Services, Inc. has extensive experience in the constantly developing field of cybersecurity policies and procedures. Contact us in the event you have questions or need support in the development or implementation of more effective cybersecurity policies and procedures — help is available here.