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Third Party Thursday

OCTOBER 15, 2020

5 Vendor Data Breach Precautions

Podcast: Play in a new window| Download

If one of your vendors falls victim to a data breach, it can have a range of serious consequences for your organization. You can take proactive steps that will help you better protect your customers and reputation from a third-party data breach. Listen to this 90-second podcast for our top five tips.

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Podcast Transcript

Hi - my name is Josh with Venminder. joshua-cooper-headshot-CIRCLE

In this 90-second podcast, you’re going to learn about five precautions to have in place to safeguard against a vendor data breach.

At Venminder, we have a team of certified industry experts, such as IT and cybersecurity professionals, who specialize in reviewing vendor cybersecurity procedures daily.

Here are five precautions to implement to better combat vendor data breaches:

First, perform due diligence assessments on the vendor’s information security processes. Review their policies for appropriate controls and validate vendors conduct regular, standardized testing. This should include penetration tests, both internal and external networks, and social engineering testing, with simulated phishing emails and employee awareness tests at least annually.

Second, ensure vendors have implemented robust user authentication. Especially ensure this has been done if their employees or customers have access to shared online tools and resources.

Third, train your team on how to spot cybersecurity issues. Better yet, ensure your vendors have their own teams up to speed on cybersecurity. Anyone who needs access to a system to do their job must meet appropriate cybersecurity training requirements.

Fourth, document follow-up findings. Be meticulous about discoveries that could lead to a breach if not addressed: track any updates or vulnerabilities and discuss them with your vendor.

Fifth, set expectations and follow through. Set your cybersecurity expectations with your vendors, ensure concrete steps have been taken to address those and, if the vendor does experience a breach, look into their lessons learned to ensure the same mistake doesn’t happen again.

A third-party vendor’s data breach can have a negative ripple effect on your own organization and reputation. By implementing the five aforementioned precautions, you’re on the right path to protecting your organization and customers as much as possible from a vendor data breach.

Thanks for tuning in; catch you next time! 

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