How Can Companies Protect Vital Business Data When Outsourcing Critical Functions To Tech Vendors?

Several companies outsource critical functions such as software for online conferences, the organization of data and information, storing information on the cloud, tools for interaction with employees and customers, and software to make payments. It creates room for cybersecurity threats to their valuable data through technology vendors.

According to the most recent BNN News, the risk to critical data grows as businesses rely on third-party vendors for critical functions. It gives access to technology vendors, and attackers can exploit the loopholes in the systems of the vendors to steal vital data from the company.

Cyber security experts advise the following ways to minimize cyber threats to their valuable data:

1. Do a thorough review of the processes when hiring technology vendors.

It should be noted that the vendors’ cyber security measures fall outside the purview of businesses. CISO and CIO of Code42 Software Inc., Jadee Hanson, advises businesses to check whether vendors have implemented adequate cybersecurity measures to prevent data theft before deciding to hire them for critical functions.

She went on to say that businesses need to create questionnaires to know whether cybersecurity measures implemented at a vendor’s place are sufficient to protect their business data. It is also vital to conduct cybersecurity reviews at frequent intervals to mitigate data theft through tech vendors. Businesses can hire ethical hackers to look for vulnerabilities in the systems used by vendors, perform critical functions, and implement appropriate cybersecurity measures.

The businesses can also hire the services of third-party firms to assess the vendors and their security infrastructure. It helps to implement appropriate security measures and prevent the theft of important business data.

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2. Make vendors responsible for protecting your business data.

The businesses can sign agreements with the vendors to ensure that they do not leak or transfer their business data to third parties. Vendors are used to gaining access to your systems to perform routine tasks such as payroll administration or technical support. Businesses should insist on encrypting important business information to prevent data theft in transit.

3. Recruit internal auditors to regularly check for vulnerabilities in your systems.

Businesses can hire security experts to check internal systems for vulnerabilities regularly, coordinate with tech vendors for additional security protocols to prevent data theft, and provide updates to the company’s directors.

4. Monitor data access by the tech vendors.

According to the latest cybersecurity news, businesses need to keep an eye on the data accessed by tech vendors for their critical functions. Cybersecurity experts should ensure two-factor authentication for tech vendors when giving access to critical business data.

According to Frank Dickson, GVP (Security and Trust Research Practice) at International Data Corp., security administrators should disable access to tech vendors after their employees leave the premises. Businesses can easily disable access to tech vendors after critical functions for their routine tasks have been completed. It is also necessary to change the passwords or revoke email IDs given to employees when they retire, transfer to another function, or leave the company to prevent unwanted communications and data theft.

5. Appoint a chief information security officer and assign responsibilities for cybersecurity.

Businesses can recruit a chief information officer and give him or her responsibilities for cyber security and protecting vital business data. Cybersecurity expertise helps mitigate data theft and ensures the maintenance of business secrets.

Abhay Singh

Abhay Singh is a seasoned digital marketing expert with over 7 years of experience in crafting effective marketing strategies and executing successful campaigns. He excels in SEO, social media, and PPC advertising.