Cyber attacks are on the rise, with no sign of slowing down. As companies expand, they need to be prepared to evaluate threats and vulnerabilities to protect their assets and data. This process is known as due diligence. In the cybersecurity context this involves thorough research and evaluation of the third-party partners and vendors, and ensuring that they conform to the security requirements of an organization.
In general, due diligence refers to applying the same level of care that a responsible person or business would be expected to in similar circumstances. In the case of cybersecurity it is the firm's ongoing efforts in maintaining their security and avoid data breaches. Documenting security policies, taking measures to safeguard data and monitoring residual risks are all part of this. It is also essential to stay informed about industry and legal standards such as HIPAA GDPR, HIPAA, ISO 27001. ISO 27001.
Due diligence also requires that companies reduce and understand the risk of third parties in their supply chain. This can be accomplished through the development of a program for vendor management that includes assessments and monitoring of risks posed by third parties. It is also essential to create a clear set of expectations with vendors to ensure that they adhere to policies and standards.
Moreover, it is critical to be aware of the dark web which is an online community that cybercriminals utilize to exchange data and use attack techniques. Monitoring the dark web can assist companies improve their incident response strategies and increase their resilience against cyberattacks.
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