A Third-Party Management Best Practices Checklist

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Learn from the Latest Data Breaches

Home Depot, one of many retailers breached in the past year, was breached by hackers who stole credentials from a third-party vendor that had access to the payment system. In fact, 44 percent of company data breaches involve third parties. Organizations should use past breaches to learn and ensure that they understand which vendors or business partners (and not just the obvious IT ones) have access to IT systems, double check security measures, assess third-party risks, and make the necessary changes to ensure a higher level of security and scrutiny.

Regardless of what business you're in, chances are you're working with more third-party organizations today than ever before. Whether it's human resources, IT, marketing or everyday vendors, businesses are increasingly looking to third-party suppliers to help reduce costs and grow the business. While these third parties can provide great opportunities for a company, they can also pose great risks – some catastrophic to your brand and revenues – if not properly managed. For instance, who would have guessed that a regular HVAC vendor could be at the center of a multimillion dollar data breach? Or a consultant disguised as a domestic-supplier could lead to one of the largest FCPA enforcement actions in history?

In this slideshow, Greg Dickinson, CEO of third-party management expert Hiperos, provides a checklist that companies must keep in mind to ensure due diligence when working with third parties.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
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