Tuesday Morning News Kick Off: FTC Delays Red Flags, National Security Strategy Light on Details and More

Welcome to the Monday Morning News Kick Off post on the ITAC Blog. After a long restful holiday weekend, the best way to get acclimated back into the professional world is to just dive right in. That is why we have pulled together this post – because it contains all the key, actionable news on identity theft, data breaches and cyber security you need to get your work week started on the right foot. The big news today? FTC pushing back the deadline for financial institutions and creditors to comply with the new Red Flags Rule regarding the reporting of identity theft.

FTC Delays Identity Theft Rule Enforcement
The US Federal Trade Commission has pushed back the deadline for financial institutions and creditors to comply with the new Red Flags Rule regarding the reporting of identity theft. “Enforcement of the rule had been scheduled to take effect June 1,” writes SC Magazine’s Angela Moscaritolo. “The latest enforcement extension comes at the request of members of Congress, who are working to finalize legislation that would limit the scope of businesses covered by the rule.” Read the full eSecurity Planet article here.

Congress Needs to Act Before More Identity Thieves Do
I have preached about how important it is for consumers to be proactive in protecting their identity. But there’s only so much consumers can do. Once they share their personal information with a business, it’s the company’s responsibility to safeguard that information. That’s why it’s frustrating that at the request of several members of Congress, the Federal Trade Commission is delaying – for the fourth time – its enforcement of the so-called Red Flags Rule. The rule requires financial institutions and other creditors to develop and carry out identity-theft prevention programs. Read the full Dallas Morning News editorial by Pamela Yip here.

Comparing the Gulf Oil Spill with a Massive Data Breach
Few would argue that BP has been less than forthcoming with information related to the oil spill in the Gulf of Mexico. The company has pinned the blame on the oil rig owner. Scientists have publicly disputed BP’s projections of exactly how much oil is shooting from the underwater geyser each day. There have been repeated reports of reporters and photographers being blocked from visiting the crude-fouled beaches — some are even being threatened with arrest. Even the petroleum giant’s CEO is doing his best “under embargo” impression. Read the full SC Magazine story here.

Businesses Could Use US Cyber Monitoring System
A U.S. government computer security system that can detect and prevent cyber attacks should be extended to private businesses that operate critical utilities and financial services, a top Pentagon official said Wednesday.
William J. Lynn III, the deputy defense secretary, said discussions are in the very early stages and participation in the program would be voluntary. The idea, he said, would allow businesses to take advantage of the Einstein 2 and Einstein 3 defensive technologies that are being developed to put in place on government computer networks. Read the full AP story here.

National Strategy is Light on Cybersecurity Details
The National Security Strategy the White House released last Thursday emphasizes the importance of protecting cyberspace, but is weak on specifics, according to one observer. In the security blueprint, President Obama acknowledged the need to pursue “new strategies to protect against … challenges to the cyber networks that we depend upon.” He said the United States will invest more in developing technology that better protects critical government and industry computer systems and networks. The strategy also calls on government, industry and international partners to work together to establish standards for combating cyber threats. Read the full NextGov story here.

Happy Tuesday!