U.S. Securities and Exchange Commission Issues Risk Alert Regarding Safeguarding Customer Records and Information Stored on Cloud-Based Platforms

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On May 23, 2019, the United States Securities and Exchange Commission (“SEC”)’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert entitled “Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features” (the “Risk Alert”). The Risk Alert highlights the risks associated with the storage of customer records and information by broker-dealers and investment advisors on cloud-based storage platforms.

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Business Associate Failed to Safeguard 3.5 Million Patients’ Medical Records

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Medical Informatics Engineering, Inc. and its wholly-owned subsidiaries (MIE) and the Office for Civil Rights at the U.S. Department of Health and Human Services (HHS-OCR) entered into a $100,000 settlement and two-year corrective action plan to settle potential violations of the Health Insurance Portability and Accountability Act (HIPAA).

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As Cyberattacks Rise, U.S. Business Readiness Falls

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Two recent reports reflect that cyberattacks and resulting data breaches continue to threaten U.S. companies and public entities. The Hiscox Cyber Readiness Report (April 23, 2019), compiled from a survey of more than 1,000 U.S. cybersecurity professionals at private companies and public-sector entities with 50 to 1,000+ employees, found that 53% of firms reported at least one cyberattack – up from 38% in 2018. Interestingly, only 11% of U.S. firms qualified as experts based on their cybersecurity preparedness and responses – down from 26% in last year’s survey; 16% of firms ranked as intermediate, and the remaining 73% ranked as novice. These statistics reflect a continuing need for public- and private-sector emphasis on cybersecurity preparedness and incident response.

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$3 Million Settlement for Exposure of and Latent Response to Exposure of 300,000 Patients’ Protected Health Information

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Touchstone Medical Imaging (Touchstone) and the Office for Civil Rights (OCR) at the U.S. Department of Health and Human Services (HHS) entered into a no-fault settlement and two-year corrective action plan (CAP) to settle potential violations of the Health Insurance Portability and Accountability Act (HIPAA).

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New Requirements for FTC Data Security Settlements

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Two of the Federal Trade Commission’s (FTC’s) most recent data security settlements include new requirements that go beyond previous data security settlements. The new provisions (1) require that a senior corporate officer provide to the FTC annual certifications of compliance and (2) specifically prohibit making misrepresentations to the third parties conducting required assessments. A statement accompanying these settlements noted that the FTC has instructed staff to examine whether its privacy and data security orders could be strengthened and improved.

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