Managing Vendor Security Risk
Are you happy with your company’s security position? If the answer is yes, then that is great…but what about your vendor security risk? More and more organisations are outsourcing various elements of their business processes to help improve efficiencies, customer service and reduce costs, however what can often be overlooked in these scenario’s is the potential security threats.
No doubt you will carry out due diligence on any new suppliers, agree contracts, SLA’s, etc, nevertheless should anything go wrong your customers will be looking squarely in your direction rather than the vendors you work with.
No matter how rigorous and tested your security processes are, if a 3rd party has access to your business data, then you are only ever as strong as your weakest link.
Third-party data breach
A recent high profile example of this was with Ticketmaster earlier this year. The company had identified malware in a third party application that was used as a customer support chatbot. This resulted in UK customer data being transferred to an unknown third party and whilst the application was disabled as soon as it was discovered, up to 40,000 customers could have been affected. Information such as name, address, email address and payment details were all compromised.
Ticketmaster contacted all customers whose data may have been compromised within a few days of the incident and have also set up a dedicated webpage should customers have any further questions.
exWatch – identify vendor security risk
So, how can Frontline help? Through the use of exWatch you can gain a clear understanding of your business partner network and identify where third party, vendor or supplier vulnerabilities may lie before they can have an adverse impact on your business. exWatch can provide a rating for your key business partners which can be updated daily to identify any potential security risks. Using this information, you can work with your vendors by sharing this data driven security information and help mitigate any future risks and in turn, safeguard your business.
If you have any questions about this blog, or IT security in general, then get in contact with a member of the team.