Why the New FTC Changes are important

As a financial institution, you have to comply with this law. So not only are you liable for potential fine if you don't comply with the law, right? And that fine could be upwards of hundreds of thousands of dollars. It really is at the discretion of the ftc. I don't want to unnecessarily startle you all, but I just want you to know that the FTC has a lot of leeway with determining what a fine should be for a potential lack of reporting. So not only are you making yourself susceptible to fines, you have this affirmative duty to report now. And you know the FTC is going to come down hard on that, because the government wants a piece of the pie, right? The government sees all these hacks happening. The government's getting a lot of calls from their constituents being mad that their data is being leaked, that their data is not properly secured.