How to effectively respond to a data breach
Cyber security has become a major concern for organisations of every size, and in every industry. The common maxim today is that when it comes to security breaches, it’s no longer a case of ‘if’ but ‘when’, and businesses across the board need to understand the threat landscape and have a well-thought out plan in place to effectively respond to cyber attacks.
Add to this the global pandemic, and how the associated social distancing has driven an unprecedented shift in consumer behaviour towards digitally-enabled merchants and service providers, and it’s clear that opportunities for cyber criminals are rife.
At the same time, although the global fraud rates are at an all-time low, there is a growing trend in both the variety and number of breach incidents, putting more pressure on businesses to be prepared to detect and mitigate risk.
“At Visa we believe that effective risk and security practices are at the very core of building and maintaining the trust of customers for any business,” says Bevan Smith, head of risk, Visa Sub-Saharan Africa, who will be presenting on “Dealing with a data breach – steps and protocols to follow in containing the breach”, at ITWeb Governance, Risk & Compliance 2021, to be held as a virtual event on 11 February.
“What our experience has shown is that most successful data breaches impact clients who are not well prepared, and well-practiced, to deal with threat actors. Having a comprehensive mitigation plan, effective reconnaissance measures, threat intelligence and robust monitoring are vital in a digital world that never sleeps,” Smith adds.
During his session Smith will be sharing Visa’s experience and best practice on the critical process the company follows to support its clients in the event of a data breach.
“Some important takeaways will include the key security threats we are seeing globally, how to quickly restore normalcy to a breached entity, and the dos and don’ts before, after and during a breach,” he adds.
The session will also cover the payments threat landscape, and Visa’s payment system risk detection and breach management capabilities. Finally, he will cover best practices for mitigating against breaches, as well as security predictions for the near and medium term.