Breaches and Fraud are a part of everyday lives. Everything we buy as consumers AND services we provide as financial institutions are more expensive because of fraud. USA Today has an article for how audits are not a silver bullet to prevent these breaches.
No financial institution can escape the burdens that stem from Target, Neiman Marcus, TJMaxx, etc. That’s why plans now also need to include vendors and major compromises. Considerations include….
Updating Incident Response plans for vendors’ breaches, including:
– Segmenting/Terminating communications and connection with vendors
– Forensics for devices with vendor interfaces
Customer Notifications
– Online notes being aware of the compromise
– Under which scenarios you will notify customers
– Suspending transactions
– Reissuing cards, logins & access codes