May 18, 2024

Darren Riel

Future Focused

5 Tips & Tricks You Need To Know About Ensuring Third-Party Security in Your Business Operations

Introduction

Security breaches are a constant threat to any business and it’s never been more important to ensure that your data is safe. A recent study by Ponemon Institute showed that the average cost of a breach in 2017 was $4 million per incident, however third-party security currently accounts for approximately 35{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c} of all cyberattacks. This means that even with the right security measures in place, you still need to ensure that your third parties are doing their part to protect your sensitive data – or else you could be facing massive losses if they fail!

In this blog post we’ll explore some ways in which you can help mitigate against these risks so that your business can operate without risk from third party security vulnerabilities:

1. Verify any new third-party security solutions.

  • Verify any new third-party security solutions.

Verifying that your current solution meets your needs is only the beginning; it’s also important to verify that any new third party security providers are compliant with industry standards and have been tested by a third party. You should also make sure that they can scale with your business as it grows, so you don’t end up needing another solution down the line.

2. Encrypt all third-party data shared with third parties.

Encryption is a critical component of third-party security. It’s a way to protect sensitive data from unauthorized access, but it can also be used to prevent the loss or theft of any kind of information that may be shared with third parties.

For example, if you’re storing credit card numbers in your database and then sending them off to another service provider for processing (e.g., Stripe), encryption should be used on both ends: when storing those numbers locally and when sending them out into the world via an API call or other transfer method.

3. Move sensitive data outside of the cloud where possible.

You should move sensitive data outside of the cloud where possible. This includes anything that you don’t want to be stored in a third party’s server, such as:

  • Customer information (including names, addresses and credit card numbers)
  • Employee data (such as Social Security numbers)
  • Intellectual property like proprietary software code or other intellectual property

4. Conduct regular assessments of their risk profile and exposure to third-party vulnerabilities.

  • Conduct regular assessments of their risk profile and exposure to third-party vulnerabilities.

Every organization should conduct a thorough review of its third-party security practices to ensure that data is protected at all times. This includes understanding what data you have, where it is stored and how it is transmitted. You should also check your cloud service provider’s security practices as well as your risk profile for potential vulnerabilities with third parties such as vendors or contractors who may have access to sensitive information about your organization or clientele.

5. Establish a relationship with a trusted advisor who can assess your current and future risks related to third-party security.

  • Establish a relationship with a trusted advisor who can assess your current and future risks related to third-party security.

As you’ve learned in this guide, third-party security is an important aspect of any business operation. However, it can be difficult for companies to determine whether they have adequate protections in place when it comes to their suppliers and other service providers. For this reason, it’s critical that you establish a relationship with an experienced advisor who can assist you in assessing your current risks as well as identifying potential threats that may arise in the future.

Follow these recommendations to ensure you have the best security practices in place for your business operations

When it comes to securing your business operations, it’s important that you follow these recommendations:

  • Refer to the article for more information on third-party security.
  • Refer to the article for tips and tricks on cyber security.

Conclusion

With many of us depending on third-party security for our business operations, it’s important to know that we’re doing everything we can to keep our data secure. This means regularly assessing our risk profile and exposure to third-party vulnerabilities, as well as following these tips and tricks from experts in the field.