It is important that the right steps are taken to prevent a breach from taking place. Sadly there are alot of weak links in the cyber security infrastructure that increases the risk of such breaches taking place.
In this article we will look at what vendors can do to keep themselves safe as well as their downstream customers.
At one point it was thought that data breaches were on the decline.
Comparitech’s Aimee O’Driscoll has reported that this trend has not persisted.
The first nine months of 2020, the data breaches dropped 30% versus 2019 according to a report published by the Identity Theft Resource Center.
More than 292 million people were impacted by a data breach which is around 60% lower than what it was in 2019.
The decrease in breaches could possibly be attributed to increased cyber security vigilance that arose due to the pandemic.
One takes for granted how common data breaches are. The Identity Theft Resource Center reported a 68% rise in data breaches with businesses as the victims in 2021. This is a 23% increase over 2017.
Data breaches are of serious concerns to businesses. If this is the case it is important for these organizations to take strict measures to protect against them.
The biggest issue they need to keep in mind is how important the 3rd party data security risks are, especially those that might be caused by improper vendor security.
This is crucial for all businesses that are attempting to focus more on data security and a key consideration they need to keep in mind.
Vendor Security - Essential for Stopping Breaches
Organizations today that rely on 3rd party vendors for various services that their business carries out.
This has resulted in Third Party Risk Management (TPRM) and it has become a critical aspect of enterprise risk management.
TPRM ensures that vendors follow robust security practices to ensure the sensitive data they are dealing with and the systems that store this data are kept secure from any data breaches by reducing any risks.
In the subsequent sections we will look at different measures vendors can apply to mitigate and minimize risks.
Elements Of Vendor Security
This encompasses all protocols and processes need to keep the vendors data safe from hackers.
This is the most crucial aspect of a vendor keeping themselves secure and ensuring that any confidential information that is shared or handled by 3rd party vendors is kept safe.
Such measures should include data encryption during both transmission and storage. Stringent data access controls to limit unauthorized access, a clear data storage and retention policy to prevent data breaches and comply with any regulatory requirements.
The maintenance of a secure network is important. A secure network should have an architecture which includes, firewalls and intrusion prevention and detection systems.
Regular monitoring of the network is required in order to identify any possible threats and vulnerabilities in a quick and efficient manner.
Lastly it is important for such network security measures to be frequently reviewed and updated to ensure one is protected against the latest cyber security threats.
A comprehensive security risk management strategy should also take into account any physical security measures.
Such measures help to keep the vendors premises as we as IT infrastructure secure from any unauthorized access, theft, and damage.
In order to have a strong physical security strategy, it is important to ensure access control mechanisms are in place as well as CCTV systems.
Lastly security awareness training is key for employees is key to have a strong physical security strategy in place.
Industry Standard Compliance
Sticking to industry standards and regulatory requirements is another key aspect to vendor security.
Vendors should work to obtain the ISO 27001 certification which shows their commitment to information security management.
Compliance with privacy regulations as well such as the EU’s GDPR as well as sector specific regulations such as HIPAA are important for vendors to maintain trust and avoid potential fines and penalties.