Cyber attacks are increasing, and show no sign of slowing down. As businesses expand, they need to be prepared to assess the threats and vulnerabilities to secure their data and assets. This process is known as due diligence. In the cybersecurity context, this means thoroughly evaluating and researching the third-party partners and vendors, and ensuring they adhere to an organization’s security standards.
Due diligence is the act of exercising the same amount of care that a prudent business or person would in similar circumstances. In the context of cybersecurity, it refers to the ongoing efforts an organization makes to ensure its security posture and prevent data breaches. This includes documenting security policies in addition to implementing security measures, and continuously checking for residual risks. It is also about being informed of industry and legal standards like GDPR, HIPAA and ISO 27001 and ensuring that your company’s practices conform to these standards.
Lastly, due diligence requires that organizations understand and mitigate the risk of third party suppliers in their supply chain. This can be achieved through the development of a vendor management program that includes assessments and continuous monitoring of third-party risk. It’s also important to establish clear expectations with vendors to ensure that they are complying with policies and standards.
It is also essential to be aware of the dark Web an online community that is closed where cybercriminals trade data and attack strategies. Monitoring the dark web could help businesses improve their incident response plans and strengthen their defense against cyberattacks.
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