How to Mitigate Your Company’s Cyber Risk

It’s a given that with the many different types of IoT and connected devices that we’re using and the massive advances in IoT that one of the biggest issues we’re going to run into is cyber security.

Organizations are going to be spending millions of dollars this year alone on cybersecurity. They are seeking ways to help their company to find intruders in their networks.
The problem is that in todays outsourced and hyper-connected world, even the most sensitive data can—and must—be seen by hundreds or thousands of people. Business partners abound today and in many cases, most of them must access data or services inside the company’s networks.

With so many people who require access, how can you keep effective control of these third parties to minimize risk to your data?

Third parties pose a very significant risk to companies and their data. If you aren’t aware of the many hazards that they can pose, you’ve missed the major news briefs  and the headline- worthy breaches that have taken place—many of which were caused by third party access companies who were less than responsible with their security.

The response from governmental entities as well as regulators has been very clear. It’s time to get the risks managed and the cyber security under control. In just the past few years alone the OCC, SIFMA, SEC and NAIC as well as the DOD have set forth new guidelines or new requirements or recommendations that will provide for managing third party risks when it comes to cyber-security.

With so much at stake, medical, financial, legal data, not to mention company reputations  at stake, companies are encouraged to consider four key elements when they are building their third party risk programs.

Build a team. Use the best that you have to help you to identify all of the third parties that are going to pose a major risk to you.

Have your team focus on the parties that will be the biggest risk first and then assess which of them are the most critical to you.

Choose standards that are applicable. Select the right security standards and make them doable and applicable to the company at hand.

Use a trust but verify methodology with the higher risk third party companies and assess and reassess them on a regular basis.

Put together your own team and your own management plan and ensure that you manage every aspect of risk that are part of your company. Those who adopt a good security management plan will invariably stand out and remain ahead of the pack while those who do not going to be left in the dust.

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