EFFECTIVE NOW
The grace period is over. As of May 13, 2024, the FTC’s breach reporting requirement is legally binding. If your organization suffers a security event affecting 500 or more people, you have 30 days to report it to the FTC via their new online portal.
The Enforcement Reality
This isn’t just a new administrative hurdle. This is a tripwire for FTC investigations. When you file a breach report, the first question the FTC will ask is: “Show us the written risk assessment you conducted before this happened.”
If you can’t produce a technically accurate, recently updated risk assessment, you have essentially confessed to a Safeguards Rule violation.
Immediate Action Items
1. Update your Incident Response Plan (IRP): Ensure the FTC notification step is explicitly documented with clear timelines.
2. Verify Encryption: Remember, if the data was encrypted and the keys were not compromised, you may not have to report. This is the ‘Unencrypted’ loophole we have warned you about.
3. Drill your Team: Run a tabletop exercise this month. If you haven’t practiced, you will fail when the clock starts ticking.
