Portland, OR (PRWEB) July 23, 2014
Financial institutions handle millions of transactions daily involving customers’ sensitive information. Add the complexities of maintaining the privacy of this information; mix in compliance obligations with federal regulations and the myriad of changing state breach laws; and you’ve got a recipe for non-compliance, wasted resources, increased risks, and potential fines. RADAR™, incident response management software (IRMS), simplifies the complexities and reduces risks associated with responding to security and privacy incidents. By using RADAR’s patented Breach Guidance Engine™, financial institutions can efficiently and consistently determine if a security incident is a breach under all applicable federal and state breach laws and manage all required notifications and documentation. In related news, the U.S. Patent and Trademark Office granted ID Experts’ RADAR U.S. Patent No. 8,763,133 on June 24, 2014. This is RADAR’s second patent for innovation in using software and analytical modeling for optimizing incident response management.
RADAR 4.0 has built-in and up-to-date knowledge of GLBA, HIPAA and every state data breach notification laws, including the latest changes in Florida, Iowa, Kentucky, and Maryland. Specifically, Florida Information Protection Act of 2014; Iowa Paper Breach Law; new Kentucky State Breach Law Implementation; and Maryland Security Breach Notification Law. GLBA is a federal law that requires financial institutions to safeguard customers’ sensitive information and notify individuals and their federal regulator if this data has been breached. RADAR is a cloud-based and its Breach Guidance Engine™ is always updated with the latest state and federal laws.
RADAR Operationalizes Incident Response Management and Reduces Breach Risks
“The ever-changing federal and state regulations make it challenging for financial institutions to consistently assess incidents, manage required notification and reduce associated risks by analyzing root causes and trend data,” said Mahmood Sher-Jan, vice president and general manager, RADAR product unit at ID Experts. “RADAR takes the complexity out of incident assessment and compliance with federal and all state breach notification rules. It enables these organizations to become proactive in managing and reducing data breach risks.”
About ID Experts
ID Experts provides software and services for managing the disclosure and breaches of regulated data. Leading organizations in healthcare, insurance, financial services, universities, higher education, and government rely on ID Experts’ patented RADAR™ data incident management software and data breach response services for managing risks. Exclusively endorsed by the American Hospital Association, ID Experts is an advocate for privacy and a leading contributor to legislation and industry organizations that focus on the protection of PHI and PII. On the web: http://www2.idexpertscorp.com/.
Lisa MacKenzie or Kelly Stremel
MacKenzie Marketing Group