How IT Service Providers Can Help Manage Your Third-Party Risks
Is your business really secure? Think again! Every third-party vendor you work with can expose you to threats. It’s like being part of a chain. If one of your vendors has poor security practices, they can hurt your business too. An experienced IT service provider can conduct thorough risk assessments, provide expert knowledge and tools, and regularly assess the security and compliance of your vendors.
Third-Party Risks: How You Can Protect Your Business
When we lock our homes, we always ensure that the back gate is locked as well. It’s the same for your business security. You may have the most advanced firewall or password protection, but if your third-party vendor lacks adequate security, your business could be exposed to various risks. To reduce third-party risks, please do thorough due diligence while evaluating potential vendors. Establish clear contracts with security and compliance requirements and continuously monitor vendor performance.
The Do’s and Don’ts of Third-Party Risk Management
Successful vendor relationships are built on trust and shared responsibility for security. When onboarding a new vendor, engage in open dialogue about their security practices, data protection measures and compliance with relevant regulations. Ensure your contracts clearly outline security expectations and responsibilities for both parties. Maintain ongoing communication throughout the relationship, staying informed about any changes in their security posture or potential risks. By fostering a collaborative approach to security, you can strengthen vendor relationships and protect your business
Vetting Your Vendors: Step-by-Step
- Ask the right questions.
- Review security audits.
- Assess financial stability.
- Review data handling and privacy practices.
- Establish incident response protocols.
We’ve created a free E-BOOK that can give you steps to vet your vendors!
This E-BOOK will help you:
- Know what questions to ask
- Know what security concerns to ask about
- Know what to look for
Ready to turn your employees into your strongest allies? Download our E-BOOK to create a resilient cyber-aware workforce. You can also schedule a consultation with us to discuss your options.
