Risks to sensitive data have never been greater. With the rise in cyber attacks and data breaches, outsourcing to third parties can present an exponential threat to corporations. New regulations, technologies, standards, and security threats require organizations to implement robust vendor oversight to meet and stay ahead of the latest risks and challenges from new payment methods and systems, data breaches, and cyber attacks. Register here for our next Wednesday Webinar on this important topic and read on -
Here are some facts about third-party security risks you may not know:
1. You can outsource the process, but you cannot outsource the liability.
In other words, if a third party vendor loses your data or experiences a data breach that impacts your data, you are on the hook.
2. Third party service providers account for a high number of breaches.
76% of data breaches analyzed by TrustWave in its Global Security Report resulted from a third party which introduced the security deficiencies that were ultimately exploited.
3. Not all vendor risk is created equal.
Third party risk is not created equally. Define criteria to classify your service providers by risk or criticality, and focus oversight efforts. Make sure you define and drive your third party program, leveraging tools to support your objectives versus letting a tool drive your third party risk strategy.
Management of third parties with access to your data has never been more important. The Mintz Privacy team will examine this important vulnerability in our upcoming Wednesday Webinar, August 26 at 1:00 PM ET/10:00 AM PT.
Register here and join us! As always, this program is eligible for NY and CA CLE credit.