Third-Party Vendor Problems
Third-Party data breaches are becoming the normal. Partnering with a third party often requires sharing confidential and sensitive information. Too often, cyber security is ignored when companies are looking to secure business relationships. It is important to implement governance and IT security as best practice.
More than half of all US businesses experienced a cyber breach within the last year.
Nearly half of those had more than one cyber-security incident within the last year.
What can you do to reduce the incidence? Best practices include –
- Evaluate the security and privacy practices of all third parties
- Keep an inventory of all third parties with whom you share information
- Require third parties to provide notification when data is shared with others
- Review third party management policies
Vigilant companies conduct regular audits to appraise security and data management practices of third parties. It’s important to track all third parties that have access to sensitive data and how many of those parties are sharing this data with others.
What should you do when you experience a cyber-security event? Contact an agent at Professional Underwriters to discuss your protection options. Click here to review some coverage available.