idbusiness red flag rules overview
DESCRIPTION
In this presentation, we walk through the WHAT - what are the FTC's Red Flag Rules; the HOW - how to become compliant using the idBUSINESS Red Flag Compliance Module; and most importantly, the WHY - why is this a good idea for my business?TRANSCRIPT
Platform OverviewMay 6, 2009
Welcome!
Our goals today
Our goals today
‣ To give you the WHAT…
Our goals today
‣ To give you the WHAT…
‣ The FTC’s Red Flag Rules
Our goals today
‣ To give you the WHAT…
‣ The FTC’s Red Flag Rules
‣ ...review the HOW…
Our goals today
‣ To give you the WHAT…
‣ The FTC’s Red Flag Rules
‣ ...review the HOW…
‣ demo the idBUSINESS Red Flag Compliance Module
Our goals today
‣ To give you the WHAT…
‣ The FTC’s Red Flag Rules
‣ ...review the HOW…
‣ demo the idBUSINESS Red Flag Compliance Module
‣ but also give you the WHY
Our goals today
‣ To give you the WHAT…
‣ The FTC’s Red Flag Rules
‣ ...review the HOW…
‣ demo the idBUSINESS Red Flag Compliance Module
‣ but also give you the WHY
‣ Why information security should be a part of your business
Frame of reference
Fewer than 30% of covered entities were compliant with the law on May 1, 2009
An estimated 11 million US businesses are covered entities
What this means
What this means
‣ Lack of awareness and understanding
‣ Does not mean that FTC won’t be enforcing
What this means
‣ Lack of awareness and understanding
‣ Does not mean that FTC won’t be enforcing
‣ Early birds will get the worm
‣ Opportunity for competitive advantage
The facts
• Since 2/15/05, over 251,000,000 Americans have had identities or other personal information compromised
40%
60%
Business has suffered breachBusiness has yet to incur a breach
30%
70%
Thief is employee or knows employeeThief is unknown
The facts
The average breach and its impact on customer confidence is growing.
Source: Ponemon Institute, 2008.
58% of customers said they lost confidence in a business following that business’ breach.
31% immediately severed their relationship with the business upon notification of the breach.
The Red Flag Rules
The Red Flag Rules
‣ Sections 114 & 315 of the Fair and Accurate Credit Transactions Act
The Red Flag Rules
‣ Sections 114 & 315 of the Fair and Accurate Credit Transactions Act
‣ Applies to you if:
The Red Flag Rules
‣ Sections 114 & 315 of the Fair and Accurate Credit Transactions Act
‣ Applies to you if:
‣ you hold “covered accounts”
The Red Flag Rules
‣ Sections 114 & 315 of the Fair and Accurate Credit Transactions Act
‣ Applies to you if:
‣ you hold “covered accounts”
‣ your customer records present a “reasonably foreseeable risk of identity theft”
Red Flag Compliance
Red Flag Compliance
1. A Written Information Security Program
Red Flag Compliance
1. A Written Information Security Program
2. Controls to prevent and mitigate the risks associated with identity theft
Red Flag Compliance
1. A Written Information Security Program
2. Controls to prevent and mitigate the risks associated with identity theft
3. Must be administered by a board of directors or a member of senior management
Red Flag Compliance
1. A Written Information Security Program
2. Controls to prevent and mitigate the risks associated with identity theft
3. Must be administered by a board of directors or a member of senior management
4. Must deliver compliance report on at least an annual basis
Red Flag Compliance
1. A Written Information Security Program
2. Controls to prevent and mitigate the risks associated with identity theft
3. Must be administered by a board of directors or a member of senior management
4. Must deliver compliance report on at least an annual basis
5. Must contain mechanism to train employees
Red Flag Compliance
1. A Written Information Security Program
2. Controls to prevent and mitigate the risks associated with identity theft
3. Must be administered by a board of directors or a member of senior management
4. Must deliver compliance report on at least an annual basis
5. Must contain mechanism to train employees
6. Must contain an incident response capability
Red Flag Compliance
1. A Written Information Security Program
2. Controls to prevent and mitigate the risks associated with identity theft
3. Must be administered by a board of directors or a member of senior management
4. Must deliver compliance report on at least an annual basis
5. Must contain mechanism to train employees
6. Must contain an incident response capability7. Must ensure that vendors and suppliers are also compliant
“What happens if I don’t comply?”• Noncompliance carries several penalties
– Civil Liability
– Class-Action Lawsuits
– Federal Fines
– State Fines
The solution
‣ The idBUSINESS Red Flag Compliance Module‣ Built on real-world forensic fieldwork‣ Includes tools & benefits that actively involve
employees in your compliance efforts
‣ Transitions information security from a compliance issue into a competitive advantage
The Red Flag Compliance Module
‣ Secure online interface
The Red Flag Compliance Module
‣ Learning tools available as text or video webinar
The Red Flag Compliance Module
‣ Risk Assessment tool provides ranking of your company in 12 key focus areas
The Red Flag Compliance Module
‣ Customizable checklist of 26 Red Flags to meet requirements of FACT Act
The Red Flag Compliance Module
‣ Employee training automated & easy, integrates automatically with your compliance report
The Red Flag Compliance Module
‣ Ability to evaluate supplier compliance practices using
The Red Flag Compliance Module
‣ Access individual identity recovery protection using FraudStop and Restore from ID Experts
‣ Available as employee benefit, cafeteria-style add-on, customer blanket, or new revenue stream
‣ In the event of a breach, one-click access to best-in-breed data breach services and forensic services
So I’m compliant...
‣ NOW WHAT?
‣ Don’t let it sit on a shelf
‣ Talk to your employees
‣ Talk to your customers
‣ Use your policy as a business-building tool
Thank you!
‣ Any questions?