Collect, Correct, Protect: Why You Should Protect Your Business from Third-Party Vendors

Lizzie Weakley

December 13, 2017

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In the past, you have witnessed incidences of very high-magnitude breach of business security in the past. Such catastrophic risks place business in a very bad situation since it kills the reputations of the business, not to mention the financial loss accompanying such perils. In regard to this, businesses should be more alert to take notice of such occurrences and incorporate a more sophisticated security measure. Thinking about a security measure, a majority of businesses focuses on tightening their own security system only, which doesn’t guarantee full protection. As a business owner, you need to broaden your security system to include even third-party vendors. In fact, a majority of the worst security breaches is attributed to third-party vendors. Therefore, you need to be conversant with the reasons why you should protect your business from third-party vendors as highlighted below.

Data Insecurity Attributed to Third-party Vendors Are on an Upward Trend

According to PwC’s, Global State of Security Survey, there has been an increase in the number of security compromise by 8 percent, which is attributable to third-party vendors in the recent past. It is not a new thing that data breaches at businesses have risen from 20 percent to 28 percent within a short time span. This should send a strict warning and an alert for all business to be vigilant with the organizations that assess their system. You never know when your business will be a victim of such trending data insecurity. It is therefore ideal to establish an appropriate security measure of your data against third-party vendors.

It’s Cumbersome to Scrutinize Third-Parties Fully

Deciding to assess third-party vendors for their legitimacy and genuineness may take very long time and involve a very cumbersome procedure. This takes away the option of business dealing with the third-parties they know very well. More often than not, businesses just engage such third-parties randomly without a thorough scrutiny because of lack of enough time to do the assessment. Furthermore, a single business may have dozens of third-party vendors accessing their business system. It is, therefore, makes it very necessary for any business to incorporate a security measure. You may need to approach security companies that use more sophisticated measures to manage the third-party vendors as you concentrate on managing your business.

Therefore, you can’t afford to fail to protect your business against intrusion by third-parties.

Security Companies Take up the Role of Providing Solutions to Security Problems

When you take the services of a security company, they will take the full responsibility of handling all the security problems that may arise between your business and the third parties. Straight from the assessment of the vendors before allowing them to access your business system to remediation when correcting security mistakes. The most important role of such security establishment is to screen and verify the certificate of insurance of any potential third-party vendor you intend to incorporate into your business. They are tasked with the role of collecting, reviewing for any corrections and protecting such documents of insurance credentials of third-parties. Protecting your business with such security companies relief you the hectic times of having to deal with the cumbersome process by your own.

Essentially, protecting your company against third-party data breach alleviates you the tiresome task of having to perform the detailed evaluation of the third-parties. In addition, you can be certain that your business’s data is not compromised or leaked to result in ruining the reputations of your business. With the above-highlighted reasons, you should consider protecting your business from the perils that come along with the involvement of third-party vendors.