The risk of a data breach with significant financial consequences and damage to brand equity is the fear of most large publicly traded companies. But many smaller businesses wrongly assume they are too small to be on the radar of the threat actors. The truth is that it is all about the data, and small businesses often have less well-guarded and well-defined structures for their data stores.
The Higher Education Community Vendor Assessment Tool (HECVAT) is a security assessment template that attempts to generalize higher education information security and data protection questions and issues regarding cloud services for consistency and ease of use. HECVAT has various versions that are free to use and provide a consistent, streamlined third-party risk assessment framework.
When it comes to building a security program, one of the most frequently overlooked areas is that of vendor management. Organizations focus significant resources on internal security, such as vulnerability scans, centralized log management, or user training, while not extending the same diligence towards their third-parties. Organizations end up trusting the security of their network and data to an unknown and untested third-party. As we all know, a chain is only as strong as its weakest link.
Engaging with third-party vendors for the provision of goods and services isn't new. The level of digital transformation, paired with the number of third-party relationships and business partners the average organization has is. Third-party risk management programs need to evolve the manage this ever evolving type of risk exposure. Enterprise-wide organizations rely on third and fourth-party vendors. And many of them have access to sensitive data.
Vendor risk management is hard. And it's getting harder. But it doesn't have to be. Business units are outsourcing more of their operations to third-party suppliers. In turn, these suppliers outsource to their own service providers. It's undeniable, the average organization's exposure to third-party risk and fourth-party risk has never been higher.
Requesting that a SaaS company answer a Vendor Security request has become a regular thing for companies who work in the cloud. But have you thought about how the reverse works, that is, when your customer has a VSA process focusing on you?
