How to Safeguard Your Organization From Third-Party Cyber Risk

Podcast Transcript

Hi - this is Hershey with Venminder. 

In this 90-second podcast, you’re going to learn seven important steps to protect your organization from third-party cybersecurity risks.

Here at Venminder, we have a team of certified information technology experts who know the best ways to defend your organization from cybersecurity threats.

To protect your customers’ sensitive information, it’s important to understand the weaknesses and risks associated with your vendors that could make your organization vulnerable to cybersecurity threats.

Here are a few ways to safeguard your organization:

1. Employ expert staff members who have the tools and knowledge to evaluate and monitor a vendor’s risk. If you don’t have the resources within your organization, you can outsource assessments to experts.
2. Include understanding vendor cyber risk as one of your vendor management goals. Take proactive steps to identify and mitigate inherent cyber risks.
3. When performing due diligence, include a risk assessment that incorporates cybersecurity components. For example, what kind of information is collected, transmitted, or processed?
4. Ensure that you understand the inherent risks that your vendors present. Make sure that your vendors have the proper procedures in place to identify and respond to cyberattacks.
5. Be prepared to train your employees, analyze information, and allocate the proper resources to manage and mitigate the risk present.
6. When possible, request an industry-appropriate third-party review such as a SOC or HITRUST audit to assess your vendor’s cybersecurity.
7. And finally, number seven, check to make sure that your vendor’s cybersecurity program aligns with your organization’s program. Determine the amount of access your vendor will have to sensitive information, find the areas of weaknesses, and create plans to handle threats to cybersecurity.

In cases where your vendor has access to sensitive information, it’s important to protect your organization and your customers. By understanding your vendor’s risk, identifying their weaknesses, and ensuring that there are procedures in place to address cybersecurity threats, you’re taking crucial steps to safeguard your organization.

Thanks for tuning in; catch you next time!