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10 Best Practices for Sharing Sensitive Information with Vendors

  • 10 Best Practices for Sharing Sensitive Information with Vendors-

    Don't Allow Access Without Proper Assessments

    Don't allow third parties to access your data without doing proper assessments. Understanding the cybersecurity posture of your vendors can be a painstaking process. It should involve a combination of questionnaires, on-site assessments, technical assessments, and near-constant communication. If you take care of your pre- and post-contract due diligence, you'll feel far more prepared for them to gain access to your data.

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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-8

    Don't Allow Access Without Proper Assessments

    Don't allow third parties to access your data without doing proper assessments. Understanding the cybersecurity posture of your vendors can be a painstaking process. It should involve a combination of questionnaires, on-site assessments, technical assessments, and near-constant communication. If you take care of your pre- and post-contract due diligence, you'll feel far more prepared for them to gain access to your data.

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.