Entities in the finance, insurance, healthcare, and other highly regulated industries must comply with an increasingly complex maze of breach notification rules. Adding contractual notification obligations to the mix makes an already difficult task practically impossible to manage.
Organizations owning or processing regulated data can have hundreds if not thousands of clients, business associates, service providers, and other external entities with whom they do business. These business relationships mandate protection of regulated data and require notification to the data owners if there is an unauthorized disclosure of the data due to malicious or inadvertent incidents.
Until now, managing contractual notifications has been a manual, time-consuming process that requires sifting through contracts, and creates risk of noncompliance. Contractual notification obligations are often measured in hours or days rather than weeks or months, providing a major challenge to compliance. Noncompliance can result in serious consequences, including termination of relationships if obligations are not satisfied.
With this patented feature, you can manage contractual notification obligations for both your upstream and downstream business relationships with clients, service providers, and business associates.
For managing upstream notification obligations to your clients, Radar seamlessly extends its regulatory workflow to identify and provide guidance on all relevant incidents involving client data and contractual notification requirements.
For tracking downstream notification obligations from service providers or business associates that process your data, Radar establishes a process for managing and gaining insights about which of your downstream entities pose high risk to your organization and how well they comply with their notification obligations.
You can take advantage of a fully integrated Radar workflow to manage all regulatory and contractual incident response obligations, prove compliance, and mitigate risks stemming from incidents involving your own data or data that you process for your clients.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards that apply to companies working with and associated with payment cards, including merchants, financial institutions, point-of-sale vendors, and hardware or software developers who create and operate the global infrastructure for processing payments.
If your organization’s PCI data is compromised in an incident, that incident must undergo a multi-factor risk assessment in order to determine if the incident qualifies as a data breach and requires notification to state and federal regulators.
In addition, your organization may be contractually obligated to notify multiple credit card issuers, merchants, and associations of this data breach. The Contractual Obligations Workflow can help meet these notification requirements for incidents involving PCI data.
Radar is the only solution with automated risk scoring and breach notification decision-support, helping you avoid the pitfalls of over- and under-notifying.
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