Even large corporations with strict digital security and policies could be victims of a data breach.
Controlling the situation and protecting the company is up to the team behind the business.
The best way to manage a breach is to develop different measures to stop data theft and reduce its further damage. A PCI-DSS certification could help you prevent this situation or at least restore business operations as quickly as possible.
What is PCI-DSS?
Payment Card Industry Data Security Standard, or PCI-DSS, is a set of requirements that ensures the security of payment card data. It is currently overseen by the PCI SSC.
These requirements include some common practices such as firewall installation, data encryption, and the use of anti-virus software. Companies are also required to limit and monitor access to cardholder information and network resources.
PCI-DSS certification is considered the best way to protect a company’s archive of sensitive data and information.
Additionally, it helps organizations build long-lasting relationships with their customers built on trust.
How does PCI-DSS compliance help in data breaches?
A data breach affects the entire payment card system. Your credit can be affected negatively and there could be an enormous personal fallout. It could also lead to customers losing trust in your company.
Following PCI-DSS standards is good for business. It ensures trustworthy transactions for the people that use cards for payment every day.
A company is required to take constant maintenance and assessment for its PCI-DSS certification. This is very important to avoid the theft of sensitive cardholder information, such as social security and driver’s license numbers.
A PCI-DSS certification reduces any fines related to data breaches and helps a company’s reputation. It also leads to brand loyalty by keeping customers confident that they are doing business with a trustworthy company.
How to manage a data breach?
According to the PCI SSC website, only approved PCI Forensic Investigators (PFIs) are allowed to conduct investigation services and assist a company in the event of a system breach.
Listed below are several steps to help your team develop an effective response to a data breach.
Develop an incident response plan
The main things you should prioritize during a breach are stopping information from being stolen and repairing your system. These could be enforced by your incident response plan. Having this will help your team prepare and respond immediately.
According to the PCI-DSS guidelines, this plan should be thoroughly and properly disseminated, read, and understood by the responsible parties.
Annual testing exercises should be done to ensure the process works as designed and to address any security gaps.
A well-executed incident response can minimize the impact of the security breach. It could lessen fines and helps you get back to business quickly.
Limit your data exposure
Limiting data exposure and reducing data loss while preserving evidence is important during a system breach. Make sure your team knows how to disconnect networks without simply powering them off.
Rebooting devices, clearing up files, updating security patches, and removing suspect software may be tempting to do.
However, careful preservation of evidence is vital in determining the root of the problem and in identifying the perpetrators.
Without relevant forensic data, PFIs may not be able to find out how and when the breach occurred. They may not also be able to give proper advice to secure the network against similar future attacks.
Alert necessary parties immediately
Be prepared to alert necessary parties immediately. This would typically include payment card brands, banks, and any other entities that may require notification, whether by contract or law.
It is also imperative for you to get advice from your legal counsel to figure out the best way to notify the public. Research the legislated mandatory time frames on when to tell your clients. Some states issue fines if a company was not able to tell their customers on time.
Remember that letting your audience know sooner is better than later. Your audience should find out about the data breach from you and not from other sources.
Manage your third-party contracts
Make sure that all contracts with third-party companies, hosting providers, integrators or
resellers and other organizations include a clause about incident-response management.
Contracts should specify certain provisions on how evidence from your partner companies will be accessed and reviewed. It should include plans in allowing PFIs to connect to their networks in case of a breach.
It is important to require your partner companies’ cooperation. This allows a PFI to broaden the investigation scope to the third party and discover if they are the source of the breach or contributed to it.
