Abstract
This paper discusses what legally happened to TaxSlayer, LLC after a cyber break-in that occurred in 2015. The Federal Trade Commission sued the company, demanding that the organization institute robust cyber protections to ensure financial customer information security, confidentiality, and integrity. The article argues that the federal government’s actions were entirely appropriate, given its constitutional mandate to regulate commerce and protect the general welfare. However, with the relentless onslaught of cybercriminal activity, the steps demanded by the federal government may prevent, but not stop, the cybercriminal tide from rising, as King Canute observed many years ago.
Highlights
Many years ago, microcomputers were thought to give power to the people by allowing individuals to do things that only governments and corporations could do, namely, make calculations and process data on a massive scale
In some sense, TaxSlayer was a victim of circumstances where the Federal Trade Commission (FTC) legally chided the firm for not doing enough to protect itself
The FTC Order and Decision issues may be inadequate because cybercriminals are dedicated to discovering ever more clever ways and means to attack financial institutions.[82]. It is a continuous game of cat and mouse between cyber hackers and their potential victims.[83]
Summary
Microcomputers were thought to give power to the people by allowing individuals to do things that only governments and corporations could do, namely, make calculations and process data on a massive scale.
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