Nacha's Payments Innovation Alliance (PIA), a membership program bringing together diverse global stakeholders (including ePayResources) seeking to transform the payments industry, has published the Security Incident Response Procedure Guide for Companies. This free tool provides procedures and actions to take when a company reasonably suspects a security incident or breach involving personal or other proprietary data has occurred.

The Guide is a helpful tool for evaluating suspected incidents or breaches. It aids personnel in determining whether to trigger notifications to customers, individuals, regulators, credit card brands, the media, and/or consumer reporting agencies. It is particularly useful for companies assessing risk on a case-by-case basis, as it allows for careful consideration of the specific circumstances surrounding the risks and data involved in an incident. Companies may have additional contractual obligations if the incident or breach involves its customer data.

Click Read More below to see the complete press release from the Payments Innovation Alliance.