The Federal Trade Commission (FTC) has warned U.S. organizations failing to secure customer data against Log4Shell zero-day vulnerability could face legal repercussions.
The week of January 3rd, the consumer protection agency warned that the serious flaw in the Log4j logging library is being exploited by a growing number of attackers and poses a severe risk to millions of consumer products. Organizations were urged to mitigate vulnerabilities in an effort to reduce the likelihood of harm and potential legal actions.
WHAT DOES THIS MEAN FOR ME?
The FTC has jurisdiction over businesses providing services through interstate commerce, which covers most investment advisers. The FTC is encouraging organizations to update Log4j software packages to the most recent version, to take steps to mitigate the vulnerabilities and to distribute information about vulnerabilities to third-parties and consumers who have potential to be affected. Firms should coordinate with their managed service providers to monitor for updates and quickly apply patches once available.
If your firm requires assistance with implementing cybersecurity programs to comply with industry best practices and regulatory expectations, Fairview Cyber can assist. We support registered investment advisers by creating and implementing comprehensive, sustainable cybersecurity programs with the help of our in-house regulatory experts.