It Security Compliance Policy Is The Legal Aspects Of The Information Security Triad : Availability, Integrity, And

The Family Educational Rights and Privacy Act (FERPA) protects student records, so they are confidential to the parent’s knowledge. FERPA is where when a student turns 18, all of the rights under FERPA pass over from the parent to the child. The parents will never know how their child is doing, other than what the children tell them. Young adults should be more responsible and take school seriously when they are in college.

Privacy was once taken for granted in public education, but now through the 1974 law, Family Educational Rights and Privacy Act it is pushed to the forefront of the minds of every educator in the United States (Cossler, 2010). This law has paved the way for many lawsuits regarding privacy of student’s records, which have left teachers scared, undereducated and unaware of certain regulations of the law. FERPA laws provide protections for students, but also allow access of all student records to the student’s custodial parents, which in some situations has cause problems and in some cases have specifically brought clarifications of the law. Has the Family Educational Rights and Privacy Act provided the much needed privacy for students

The major credit card companies formed the Payment Card Industry Security Standards Council. This council was created to combat lack of security, hackers, and misuse of cardholder information. The council

There are advantages and ways that a single physician medical practice can start a card payment system. According to the research firm Javelin Strategy and Research. By the year 2017, twenty-three percent of all point of sale or counter sales will be made in cash ( Brooks, 2014). What this means is that over seventy percent of counter sales or point of sale transactions will be made electronically. It is, for this reason, prudent for all forms of business to ensure that they can evolve with the market. If the business is unable to do so, it is likely to lose its edge over its competitors. The Payment Card Industry Data Security Standard, are the rules that regulate the way businesses or organisations handle credit card information or data.

These lapses in security not only place consumers at risk but also result in considerable costs to financial institutions that are forced to issue replacement debit and credit cards, make adjustments to members’ account information and assorted other tasks to ensure the safety of financial information.

Finally, in 2004 major card industries such as JCB, VISA and MasterCard formed a regulatory body and set of rules to govern the card industries, no matter if their small or large business joins. Subsequently, in 2005, the standard became mandatory to be followed by all card industries and became known as PCI DSS standard and now PCI standard. It applies to all companies that stores, processes or transmits cardholder information Card, and mail / phone order.

Based on comparing where PCI succeeded and PICS failed, it appears that the core motivator is the law. The consequences of disobeying PCI

Our company has worked with other retail establishments and are familiar with credit card transaction equipment and requirements. With the new chip requirements used with credit card transactions, our own Jose Pagliery was the first to publically identify all the vulnerabilities in the equipment and vendors. Trustwave admitted “that keeping the credit machines is safe is low on a store’s list of priorities” (Pagliery, 2015). Even Verifone try to publically say that the issues of the article were not a vulnerability by itself. However, we have learned that Verifone has changed their security procedures because of the article.

As reported in the Los Angeles Times and the Wall Street Journal, the Consumer Financial Protection Bureau recently announced that prepaid cards and digital mobile payment services like Venmo, PayPal, and Google Wallet, will have protections placed on them similar to those placed on credit cards and traditional banking transactions. These protections include clearer fee disclosures, restrictions on card issuers like the obligation to investigate and resolve errors, and limiting consumer financial losses when cards are lost or stolen.

Every day, everywhere, MasterCard Worldwide uses technology and expertise to make payments safe, simple and smart.

The first threat is Social Engineering. The Payment Card Industry is a prime target for Social Engineers because they can gain larger profits off of the information. With this information a theft can steal larger amounts of money in a short period.

PCI DSS compliance requirements, imposes in a number of areas segregation of duties aiming to protect card holder data. The idea behind this requirement is that, if more people are involved, the less likely that human error will occur and there is less chance to commit fraud or unintentional damage from one person, therefore security will be maintained.

The first version of data security standards was released in December 2004 to combat the increasing rate at which cardholder information was being stolen online. The PCI DSS was established in 2006 with the formation of the Payment Card Industry Security Standards Council (PCI SSC). The council focuses on improving security of credit card transactions as technology and market trends change the security concerns in the industry.

“The migration from magnetic stripe to the Europay-MasterCard- Visa (EMV) chip standard promises enhanced credit card security, and the opportunity to offer loyalty and reward programs to cardholders”(Peterson, 2004). EMV chips are finally gaining a strong momentum in the United States banking system. The promise of enhanced security and benefits is a hit with banks and consumers alike. The United States is very late to the game though; Europe and Asia have implemented the EMV technology since the early 2000s. "Within Asia-Pacific, Visa has issued more than 20 million Visa EMV cards, and globally this figure is in excess of 100 million. Since January 2003, every new point-of-sale terminal deployed in the region is required to be EMV-compliant. By 2008, we expect over 90 per cent of all terminals to be EMV-enabled”(Peterson, 2004). Credit unions and banks have finally begun rolling out the EMV chip enabled debit cards to customers. The adoption percentage will hit the low 70s, far lower than countries that have had the technology already. A low adoption percentage of EMV shows how the current banking system is slow to adapt to change. If the banking system wants to be current and keep cost low they need to start embracing new technology as soon as it becomes available. The issue banks/credit unions will face is; any fraud that occurs on customer’s accounts with debit card will be their responsibility. Our current banking system needs to adopt the new EMV technology faster,

Requirement number three is to protect stored cardholder data using encryption, truncation, masking and hashing as part of the cardholder data protection. If a hacker manages to bypass the security protection and get access to the encrypted data, the information is unreadable and useless without the correct cryptographic key. Only the minimal amount of cardholder data should be stored whenever possible. There should also be policies for data retention and disposal procedures of cardholder data storage. Only store the minimal data needed, do not store the entire track of contents of magnetic strips, card verification code, or PIN number. PAN numbers must be rendered unreadable anywhere they are stored. Cryptographic keys should be stored in as few locations as possible and under secure encrypted devices.