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10 Best Practices for Sharing Sensitive Information with Vendors

  • 10 Best Practices for Sharing Sensitive Information with Vendors-

    Do Establish an Incident Response Plan

    Do establish an incident response plan. Having a procedure for your third party to notify you in an event of an incident affecting their organization and/or your data is most certainly a best practice. This is a written procedure that is usually referenced in the contract and developed by the third-party organization. It outlines who the third party is to contact if a security breach does occur. The first party is responsible for ensuring that the vendor has the right procedures in place, accurate contact information, and a clearly established timeline of when that communication will happen.

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10 Best Practices for Sharing Sensitive Information with Vendors

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  • 10 Best Practices for Sharing Sensitive Information with Vendors-4

    Do Establish an Incident Response Plan

    Do establish an incident response plan. Having a procedure for your third party to notify you in an event of an incident affecting their organization and/or your data is most certainly a best practice. This is a written procedure that is usually referenced in the contract and developed by the third-party organization. It outlines who the third party is to contact if a security breach does occur. The first party is responsible for ensuring that the vendor has the right procedures in place, accurate contact information, and a clearly established timeline of when that communication will happen.

Deloitte published a report recently, noting that "the market is currently underinvested in the area of vendor management, particularly when it comes to tools, methods and processes." This same report also noted that businesses are increasingly outsourcing functions. As vendors have become more important in the day-to-day functioning of businesses, companies need to ensure that their data is safe on these third-party networks.

For organizations that are just getting started with a formalized vendor risk management (VRM) program, BitSight Technologies has prepared a list of the do's and don'ts of sharing sensitive information with vendors.