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Business Issues 2009rev2

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An overview of pending legislation and current FTC Data Protection Mandates

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Business Issues 2009rev2

  1. 1. Business Issues 2009: Data Breach
  2. 2. Victoria Wors <ul><li>BBA and MS in Human Resources Management </li></ul><ul><li>Certified Birkman Method® Consultant </li></ul><ul><li>Human Resources Generalist Professional with numerous years in various industries and working with different levels of the organization as well as different cultures </li></ul><ul><li>Currently consultant to small and mid-sized businesses to improve productivity and efficiencies through better communications within teams and between specific individuals </li></ul><ul><li>Continuing Education Business Course Instructor for St. Louis Community College </li></ul><ul><li>Retained Human Resources Consultant to Premier Employee Services, (a St. Louis based PEO) </li></ul>
  3. 3. Agenda <ul><li>Business Issues Overview </li></ul><ul><ul><li>Employment Legislation </li></ul></ul><ul><ul><li>Benefits Legislation </li></ul></ul><ul><li>Data Breaches </li></ul><ul><ul><li>Risk of Data Breaches </li></ul></ul><ul><ul><li>Identity Theft / Fraud </li></ul></ul><ul><ul><li>Regulatory </li></ul></ul><ul><li>Cost to Business </li></ul><ul><li>What is Required </li></ul>
  4. 4. Business Issues <ul><li>Employment Legislation </li></ul><ul><ul><li>EFCA (Employee Free Choice Act) </li></ul></ul><ul><ul><li>The “New” National Labor Relations Board (NLRB) </li></ul></ul>
  5. 5. SHRM Legislative Activity Report Week of September 17 <ul><li>EFCA Legislation </li></ul><ul><li>Senator Arlen Specter said that the legislation would contain </li></ul><ul><ul><li>Three planks unions want: </li></ul></ul><ul><ul><ul><ul><li>faster turnaround for elections to certify unions </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Increased penalties for companies that violate organizing rules </li></ul></ul></ul></ul><ul><ul><ul><ul><li>binding arbitration for contracts once a labor union is certified </li></ul></ul></ul></ul><ul><ul><li>Does not include the controversial “card check” provision </li></ul></ul>
  6. 6. SHRM Legislative Activity Report Week of September 17 <ul><li>The “New” NLRB to reverse more than 50 Bush board decisions affecting: </li></ul><ul><ul><li>Equitable Pay </li></ul></ul><ul><ul><li>Back Pay Issues </li></ul></ul><ul><ul><li>Definition of Supervisor </li></ul></ul><ul><ul><li>Definition of threats, intimidation and coercion by employer </li></ul></ul><ul><ul><li>“ Salting”, refusal to hire </li></ul></ul><ul><ul><li>Use of company e-mail for union organizing purposes </li></ul></ul><ul><ul><li>And more….. </li></ul></ul>
  7. 7. Business Issues <ul><li>Benefits Legislation </li></ul><ul><ul><li>Healthcare Reform Costs </li></ul></ul><ul><ul><li>Pension Plans 401(k) Advisors </li></ul></ul>
  8. 8. SHRM Legislative Activity Report Week of September 28 <ul><li>Health Care Costs </li></ul><ul><li>U.S. Employer Actions If Health Care Reform Increases Employer Costs (% responding very likely or likely) </li></ul><ul><li>Reduce benefits 87% </li></ul><ul><li>Increase prices for customers 38% </li></ul><ul><li>Reduce employment 30% </li></ul><ul><li>Reduce salaries/direct compensation 27% </li></ul><ul><li>Accept reduced profits 11% </li></ul><ul><li>Other 6% </li></ul><ul><li>Source: Towers Perrin’s Health Care Reform Pulse Survey, September 2009. </li></ul>
  9. 9. SHRM Legislative Activity Report Week of September 28 <ul><li>Employee Benefits Security (EBSA) </li></ul><ul><li>The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) will make enforcement a priority in fiscal year 2010 and will address </li></ul><ul><ul><li>401(k) fee disclosure </li></ul></ul><ul><ul><li>investment advice regulations </li></ul></ul><ul><ul><li>issues regarding target-date funds used as qualified deferred investment accounts (QDIA’s) </li></ul></ul>
  10. 10. Business Issues <ul><li>Data Breach…Loss of Information </li></ul><ul><ul><li>External Access..”Hackers” </li></ul></ul><ul><ul><li>Internal Access…Employee(s) </li></ul></ul><ul><ul><li>Old Documents…Inappropriately Stored </li></ul></ul><ul><ul><li>Improper Disposal </li></ul></ul><ul><ul><li>Lost Laptops and PDA’s </li></ul></ul><ul><ul><li>Memory Chips…Copier/Fax/Printers </li></ul></ul>
  11. 11. Risk of Data Breach <ul><li>Risk Perspectives of Data Breach / Identity Theft </li></ul><ul><li>Event Chance this Year </li></ul><ul><ul><li>Car stolen 1 in 100 </li></ul></ul><ul><ul><li>House Catch Fire 1 in 200 </li></ul></ul><ul><ul><li>Die from heart disease 1 in 280 </li></ul></ul><ul><ul><li>Die in car wreck 1 in 6,000 </li></ul></ul><ul><ul><li>Identity Theft 1 in 8 or 1 in 6 depending on where you live </li></ul></ul><ul><ul><li>Data Breach will depend on 3 in 10 or 7 in 10 depending in your industry and location </li></ul></ul>
  12. 12. Identity Theft / Fraud – Data Loss <ul><li>Person </li></ul><ul><li>Corporation </li></ul><ul><li>Clients / Customers </li></ul><ul><li>Vendors </li></ul>
  13. 13. Types of Identity Theft Medical Character Criminal Passport / Driver’s License Finance Social Security Fastest Growing Segment = Healthcare
  14. 14. Committed by Three Types of People <ul><li>Individuals that are not connected to larger groups </li></ul><ul><li>Small Organized Groups </li></ul><ul><li>Domestic Organized Criminal Group </li></ul><ul><li>Foreign Organized Criminal Groups </li></ul>
  15. 15. Regulatory <ul><li>*FACTA & FACTA “Red Flag Rules” – up to $2500 in fines per occurrence </li></ul><ul><li>*HIPPA – up to $250,000 in fines </li></ul><ul><li>*Gramm Leach Bliley - up to $1million in fines plus change of management and jail </li></ul><ul><li>State Statutes </li></ul><ul><li>*The Federal Trade Commission is the primary regulatory enforcement agency </li></ul>
  16. 16. Business Issues <ul><li>Costs </li></ul><ul><li>Regulatory </li></ul><ul><ul><li>Fines, Fees & Penalties </li></ul></ul><ul><li>Mitigation </li></ul><ul><ul><li>Customer and / or Employee Notifications </li></ul></ul><ul><ul><li>Credit </li></ul></ul><ul><li>Liability </li></ul>
  17. 17. <ul><li>Costs: Workplace Facts and Statistics </li></ul><ul><ul><li>Identity Theft Resource Center reports cost to Business and Consumers in 2005 = $56.6B </li></ul></ul><ul><ul><li>Forester Research reported Data Breach costs in a range from $90 to $305 per customer record </li></ul></ul><ul><ul><li>A reported 247,491,255 personal records have been compromised by stolen or lost data between 2005 and 2008 </li></ul></ul>
  18. 18. What Is Required <ul><li>Appointment of a Chief Information Security Officer </li></ul><ul><li>A Written Non-Public Information Policy </li></ul><ul><li>Training of Employees </li></ul><ul><li>Notification of Vendors of their requirement to Meet the Standards </li></ul><ul><li>Mitigation Plan </li></ul>
  19. 19. QUESTIONS?
  20. 20. VICTORIA WORS <ul><li>For additional information contact: </li></ul>[email_address]