Why is due diligence necessary when dealing with external vendors?

Why is due diligence necessary when dealing with external vendors?Author “Guest Post”Why is due diligence necessary when dealing with external vendors?
AvatarGuest Author asked 2 years ago

1 Answers
Deborah ErlangerDeborah Erlanger answered 2 years ago
You can have all the correct controls in place, work diligently on your policies, ensure you regularly assess your operations and educate your employees with security awareness for days on end- but none of this will matter if the services and vendors you work with aren’t doing the same. As they say, you’re as strong as your weakest link.

Before risking the reputation and safety of your company by working with third parties, you’ll want to know that they have the security standards and values that you would expect. Doing third party due diligence in this case means conducting an investigation into the security posture and practices of those who you do business with, allow into your networks or share data with. Verifying the facts and information regarding your vendor’s security allows you to make informed decisions as to who you want to trust.

The legal, financial and reputational ramifications of working with less-than-ideal vendors are not to be underestimated. Doing vendor management due diligence and assessing your vendors provides you with information that also allows you to minimize risk of data breaches, ransomware and other negative events that could have a catastrophic impact on your business continuity, ability to operate and future growth.

Due diligence of third party vendors should be done in the way of assessing their security gaps via a comprehensive risk and compliance assessment, scanning the vendors to identify further risks, looking into past events and even making sure of the vendors that your vendors use, 4th party assessments! 

The process need not be complicated or time-consuming when using the automated risk and compliance assessment platform: Centraleyes. Create a vendor management program and manage all your vendors from one easily controlled dashboard. View scoring and alerts, undertake gap analyses, organize vendors by their security ratings, and produce cutting edge reports presenting all the resulting information in easy to digest visuals. 

Did I mention that Centraleyes are leading the market for 4th party vendor assessments incorporated within the same tool? We’ve got you, your vendors, and even your vendor’s vendors covered.

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