Name a firm that doesn't outsource its data. It's tough, right? And it's equally difficult to find a CIO who isn't concerned about cybersecurity. The fact is, outsourcing data poses security risks. The rise of technologies such as mobile, cloud and social — in addition to the shift toward an ever-connected, Internet-of-Things (IoT) world — has given cybercriminals a broader attack surface upon which to act. Privacy and data security have become the primary issues for firms that place their data in the hands of others.
It seems like everything went digital overnight. This shift comes with remarkable cost savings, convenience and flexibility, and as a result, firms of all sizes and in every industry are increasingly trusting their corporate data to third parties. Unfortunately, this shift doesn't always take into consideration the potential for third-party security incidents. It's up to firms to understand third-party security risks by performing their own due diligence on vendors and setting expectations on security during contract discussions.
Nothing can be 100 percent foolproof, but with a solid cybersecurity plan in place that incorporates vendor risk, a firm can position itself to deal with all types of incidents, attacks and their aftermaths.
Work Out the Details
Great vendor relationships that incorporate cybersecurity take work. Here are some tips to consider when thinking about incorporating vendors into your security plan:
Take the time and effort to be a part of the contract-negotiation process and play an active role in managing vendor security risks. As the threat landscape evolves with third-platform IT and the IoT, it's up to you and your team to place importance on due diligence regarding your firm's corporate data and who is handling it at all times. Above all, remember that a strong, established security plan always lends itself to better business.
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