MasterCard Company’s Risk Assessments

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Table of Contents

Concerns
Goals
Recommendations
Background
Critical considerations
The issue of insider threats extent
The Concerns and clarification of standards
Action steps
References

Concerns

Regardless of the volume of MasterCard exchanges, the company could be subject to severe penalties if PCI regulations are not followed. Insider attacks have eroded public confidence in the organization’s capacity to safeguard sensitive information. Non-compliance can lead to a variety of consequences, including penalties, information leaks, legal activity, a damaged reputation, and even a loss of income. Payment for services can be fraudulent. Payment procedures and card data security go hand in hand.

Goals

Performing risk assessments on a regular basis allows an organization to stay abreast of emerging threats and make informed decisions about when and where to implement relief controls in the event of a change in the operating environment (Durkin, 2020). In an ideal world, a risk assessment would reveal emerging threats and weaknesses that could have a negative impact on cardholders’ CDE, allowing an association to address them in a proactive and timely manner.

Recommendations

Assess a wide variety of possible hazards.
Methods and controls should be revealed with confidence, and they should be put into practice with the same level of confidence.
Establish security measures in the workplace.
Any necessary security software should be installed and activated.

Background

In light of the gravity of the threat posed by trusted insiders in Anne Arundel County and Odenton Township, scandals and threats against public officials are understandable. To combat this danger, we must continue to increase the amount of data that is shared and made available to the public. Keep in mind that your employees are just like any other human beings. And mistakes are made by people. Secret words and passwords are shared across administrations and stored in insecure locations. Insiders are also known to approach highly sensitive information.

Critical considerations

Customers will stop doing business with you if they have any reason to believe that their payments will not be handled securely as a result of a data breach. This can lead to a loss of business. It is obvious that protecting the privacy and safety of customers is critical (HASpod, 2021) Because of this, credit card security is so important to any business, no matter where its customers are located. It’s critical to discover the cardholder’s personal information and adhere to established business practices when processing and evaluating transactions.

The issue of insider threats extent

Creating and maintaining an insider threat moderation system necessitates meticulous preparation, forethought, and even mistakes. These moderation procedures necessitate the support and commitment of leaders at all levels to continue improving a company’s ability to distinguish and realize, evaluate, and oversee insider dangers.

The Concerns and clarification of standards

An emphasis on insider threats is just as important as ensuring the safety of payment transactions. Everyone who uses, processes, or transfers funds a cardholder’s personal information must pay for their services. PCI security standards treat security payments and other threats differently.

Action steps

Anne Arundel County must protect its residents and infrastructure from insider threats by taking the following measures: The term “insider threat” refers to threats that originate from within an organization, such as former employees and construction companies hired for the purpose of hacking into the network (What is an Insider Threat?, 2021). Individuals with direct connections to organizations and assets could potentially misuse their access to gain access to or erase sensitive information. There are programs in place that can help organizations identify and track individuals who may portray an insider threat. It is possible to observe and report all who exhibit these behavior patterns because they put themselves at greater risk of becoming a danger.

References

HASpod. (2021). 5 Best Risk Assessment Control Measures With Examples.

What is an Insider Threat? Definition, Detection & Prevention. (2021).

Durkin, K. (2020). 5 Factors to Consider When Building Your Security Budget.

Click Here To Order Now!