Incident Response Policy

This Incident Response Policy (IRP) outlines the procedures to follow in the event of a security breach involving cardholder data. Compliance with the Payment Card Industry Data Security Standard (PCI DSS) regulations and satisfaction of card brand expectations are the goals of this approach.

Identification and Reporting

• Any employee who suspects a security breach must notify the appropriate Incident Response Team (IRT) or information technology security staff without delay.
• Any event that jeopardizes the security of cardholder data is considered a security incident. This includes things like data breaches, illegal access, suspicious network activity, and more.
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Incident Response Team (IRT)

• Members of the Incident Response Team are essential members of the management, legal, security, and information technology teams.
• In the event of a security issue, it is the IRT’s job to coordinate the reaction, determine the extent of the damage, and put safeguards in place.
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Response Procedures

a. Initial Assessment:

• The Incident Response Team (IRT) will do an initial assessment after receiving a security incident report in order to ascertain the kind and extent of the occurrence.
• Information collecting, risk evaluation, and data or system identification are all part of this assessment.
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b. Containment:

• In the event that more illegal access or data loss occurs, the Incident Response Team will move swiftly to control the situation.
• Isolating impacted systems, deactivating compromised accounts, or putting interim security measures in place may be necessary.
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c. Investigation:

• As soon as the situation is under control, the Incident Response Team (IRT) will launch an exhaustive investigation to ascertain the incident’s origin, scope, and effect on cardholder data.
• It is possible to collect evidence and find weaknesses using forensic analysis tools and procedures.
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d. Notification:

• The incidents’ severity and extent will determine the parties that must be informed in compliance with legal and regulatory requirements. These parties may include card brands, impacted consumers, regulatory bodies, and law enforcement.
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e. Remediation:

• The Incident Response Team (IRT) will devise and execute a strategy to fix the vulnerabilities found, fortify the security measures in place, and forestall the occurrence of similar occurrences.
• System patches, improved access restrictions, revised rules and procedures, and staff training might all be part of this process.
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f. Documentation:

• Throughout the incident response process, detailed records will be maintained, documenting all actions taken, findings, and outcomes.
• This documentation will be used for internal review, compliance reporting, and continuous improvement.
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Testing and Review

• The effectiveness of the Incident Response Plan will be periodically tested through simulated exercises and drills.
• Lessons learned from these exercises will be used to refine and enhance the plan, ensuring readiness to respond effectively to real-world security incidents.
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Compliance Oversight

• The appointed Compliance Officer or Compliance Committee will monitor and supervise compliance with this Incident Response Plan and PCI DSS criteria.
• Regular audits and assessments will be conducted to verify adherence to security policies and procedures.
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By implementing this Incident Response Plan, Credit Solutions.AI demonstrates its commitment to maintaining the security and integrity of cardholder data, mitigating risks, and ensuring compliance with PCI DSS requirements and card brand expectations.