Incident Response Policy

This Incident Response Policy is effective dated: June 01, 2024

Control Document: GEF-PP-013, Ver. 1.0

Purpose

The purpose of this Incident Response Policy is to establish a framework for identifying, managing, and mitigating security incidents at galaxefi. This policy aims to minimize the impact of security incidents, ensure the protection of data and systems, and maintain business continuity.

Scope

This policy applies to all employees, contractors, vendors, and other stakeholders who interact with the Company’s information systems. It covers:

  • Identification and reporting of security incidents
  • Incident response procedures
  • Roles and responsibilities
  • Communication and documentation
  • Post-incident analysis and improvement

Definitions

  • Incident: Any event that compromises the confidentiality, integrity, or availability of information systems or data.
  • Incident Response Team (IRT): A group of designated personnel responsible for managing and responding to security incidents.
  • Incident Response Plan (IRP): A structured approach for handling security incidents, including procedures and guidelines for responding to and recovering from incidents.

Objectives

The Company aims to achieve the following objectives:

  • Detect and respond to security incidents promptly.
  • Minimize the impact and damage caused by security incidents.
  • Ensure proper communication and coordination during incidents.
  • Document and learn from security incidents to improve future responses.
  • Maintain compliance with legal, regulatory, and contractual requirements.

Incident Identification and Reporting

Identification

  • Implement monitoring tools and processes to detect potential security incidents.
  • Encourage employees and stakeholders to report any suspicious activity or security concerns.

Reporting

Incident Response Procedures

Initial Assessment

  • The Incident Response Team will conduct an initial assessment to determine the nature and scope of the incident.
  • Classify the incident based on its severity and potential impact.

Identification

  • Implement monitoring tools and processes to detect potential security incidents.
  • Encourage employees and stakeholders to report any suspicious activity or security concerns.

Containment

  • Implement measures to contain the incident and prevent further damage.
  • Short-term containment may involve isolating affected systems, while long-term containment may include applying temporary fixes.

Eradication

  • Identify and eliminate the root cause of the incident.
  • Remove malicious code, close vulnerabilities, and ensure affected systems are clean.

Recovery

  • Restore affected systems and services to normal operation.
  • Verify the integrity and functionality of systems before bringing them back online.

Communication

  • Communicate incident details to relevant stakeholders, including management, affected users, and external parties as required.
  • Provide regular updates on the status of the incident response and recovery efforts.

Documentation

  • Document all actions taken during the incident response process, including decisions made, steps performed, and outcomes achieved.
  • Maintain an incident log for future reference and analysis.

Roles and Responsibilities

  • Incident Response Team (IRT): Responsible for managing and executing the incident response process. The IRT may include members from IT, security, legal, and other relevant departments.
  • IT Department: Provides technical support and expertise during the incident response process.
  • Compliance Officer: Ensures that the incident response process complies with legal and regulatory requirements.
  • Employees and Stakeholders: Responsible for reporting security incidents and cooperating with the incident response process.

Post-Incident Analysis and Improvement

Post-Incident Review

  • Conduct a post-incident review to evaluate the effectiveness of the incident response process.
  • Identify lessons learned and areas for improvement.

Improvement Plan

  • Develop and implement an improvement plan based on the findings from the post-incident review.
  • Update incident response procedures, tools, and training as necessary.

Training and Awareness

  • Provide regular training to employees and stakeholders on incident identification, reporting, and response procedures.
  • Conduct incident response drills and simulations to test the readiness of the Incident Response Team and other relevant personnel.

Policy Review and Updates

  • This policy will be reviewed annually and updated as necessary to ensure its effectiveness and alignment with industry best practices and regulatory requirements.
  • Changes to this policy will be communicated to all employees and stakeholders.

Quick Contact

By adhering to this Incident Response Policy, galaxefi commits to protecting its information systems and data from security incidents, ensuring a swift and effective response to mitigate damage, and continuously improving its security posture. For questions or concerns about this Policy, please use the following form: