I am genuinely curious: why did the FTC take this enforcement action? There is no fine, no prosecution, no consequences of any sort. Essentially, they're just asking the executive to "implement an information security program" at any companies they head. This seems to send the message that there are absolutely no consequences for getting caught hiding an extremely negligent data breach. Was that the FTC's intent?
FTC isn't the DOJ. They can't prosecute anything.
The FTC can do whatever congress authorizes them to do. The supreme court decided that what congress laid out in law required the FTC to file the cease and desist first, and then if that order is violated, then they can peruse further action.