Many successful businesses will nowadays have some sort of third-party vendor attached to their operations. Globalisation is happening with many different companies all around the world and is now a fact of commercial life, however you may be unaware of the effects these connections may have upon you. Let’s take a look at how your cybersecurity may be compromised by your third-party vendors and the steps you can take to ensure that it is not.
Making an Acquisition
Amongst the normal tests and trials you run during the acquisition process, you should also test the vendor’s cybersecurity. Today, it is imperative that all businesses hold an adequate level of cybersecurity to be able to deflect attacks from those who mean harm to the company. Your standards may be much higher than the standards of the company you are acquiring, therefore it is vital that you bring them up to your level.
When initially assessing them, you may wish to use a Vendor Risk Management Cybersecurity service. These professionals will be able to analyse any risks correctly the merger will potentially throw, and they will therefore be able to provide a report based on the steps you should take.
Are You Affected?
The businesses are separate; surely an attack on will not affect the other you’re thinking? This may not be the case. Data between the two will be linked, and a skilled hacker may be able to take advantage of that link to access your system too. By insisting that all companies in your network follow the same cybersecurity protocols, you are ensuring that you are covering any of these other avenues which attackers could potentially exploit.
Liability
Potential weak points are not the only things you as a parent company must safeguard against. If a breach comes from one of your vendors, you may find yourself liable for any costs that come with attempts to rectify the mistake. This includes not just fixing the breach and improving the defences so it cannot happen again, but potentially paying customers a large amount of compensation for the lost data.
This could very well lead to a bill worth thousands of pounds and regulations are tightening around networks such as these, to ensure that the parent companies are the ones held responsible. Do you want to take the chance of bankrupting your main company to be able to pay for a problem with a third-party vendor elsewhere in your network? If not, then the way forward is clear.
You must be able to provide adequate cybersecurity to every business in your network. Get in touch with a professional cybersecurity specialist today and they’ll be able to set up the perfect defence system to stop help protect you and your business from cyber-attacks. They will also be able to run frequent tests on the system to ensure that you are getting the constant protection you need, so don’t let one poorly protected third-party vendor bring you down. With a little foresight and a sensible mindset, you can comfortably take on any cybersecurity threat which comes your way.
Image: Pixabay