Here are some best practices to help you mitigate third-party risks:

Vet your vendor: Before signing a contract, thoroughly vet your vendor. Don’t commit to them without conducting background checks, security assessments, reviews of track records and evaluation of security policies. Also, ask for certifications and evidence of compliance with industry norms.

Define expectations: You can’t take a chance on your business. Draw up a contract that clearly outlines your expectations on security, responsibilities and liabilities. Ensure you have a clause that makes it mandatory for the vendor to maintain certain security standards at all times and makes them obligated to report any or all security incidents.

Be transparent: Your vendor plays a key role in the success of your business. So, it’s in your interest to establish open lines of communication with your vendors about security. Make it a standard practice to share updates on evolving threats and vulnerabilities. Also, encourage your partner to be transparent and report any security concerns promptly.

Stay vigilant: You can’t just assess your third-party vendor once and assume they will always stay secure. The threat landscape is constantly evolving—what if your vendor isn’t? Continuously track their security posture by conducting periodic security assessments, vulnerability scans and pen testing.

Brace for the worst: Things can go wrong, and sometimes they do without warning. Have a detailed incident response plan that lays out procedures for dealing with security breaches involving third-party vendors. In your comprehensive plan, clearly define roles, responsibilities and communication protocols. Also, conduct regular mock drills to improve your preparedness.

Build a resilient business–

The future of your business relies on how your customers perceive you. Customer trust is hard to win and easy to lose. Even if you have done everything to protect your customers, one mistake by a third-party vendor can destroy your reputation and your customers will hold you responsible.

Don’t let a third-party breach damage your reputation. Take control of your security posture.

Contact us today for a comprehensive assessment of your third-party risk management strategy. We can help you build a robust defense to protect your business, your data and your reputation.

Schedule a free consultation now!