It means getting an IT project done with the help of an external companies or individuals when they are managing parts of your technology infrastructure, which can introduce security risks if their practices aren’t as strong as your own.
The 2023 Cost of a Data Breach report from IBM found that the average cost of a data breach is now $4.45 million globally, and in almost 30% of breaches, third-party vendors were involved. Clearly, this signifies a growing blind spot when it comes to digital security.
As organizations scale and incorporate outside service providers -” like cloud services and IT service providers, and marketing agencies” are the integrators themselves, they are unconsciously exposing their organization to NEW risks. These third parties often connect into complex systems offering a mix of services, for example, “Network Six“, a local provider of managed IT solutions.
This article identifies the involvement of third-party vendors in security breaches, highlights some of the most overlooked risks associated with outsourcing IT, and introduces a framework for you to build a safe, secure, and resilient vendor access strategy.
KEY TAKEAWAYS
- Outsourced IT are becoming major entry points for data breaches, significantly impacting organizational security.
- Many organizations miss important vulnerabilities in vendor access, such as weak passwords, and outdated systems.
- Implementing clear contracts, the least access, Multi-Factor Authentication (MFA), and regular audits are important.
- Secure outsourcing includes smart oversight and surveillance to manage evolving threats.
You might be twisting your external partners, right? Of course! But interesting them doesn’t guarantee high-end security. There are some quite dangerous risks that can sleep in when you out source it or provide vendors access:
The above situations may or may not be possible in any case, so it is better to sometimes take surveillance of some things on your own.
There is no such thing as a big mistake, when outsourcing companies take charge of a project. However, some security gaps just love to hide in a plane side, unfortunately these vulnerabilities missed by vendors are minor yet lead to intricacies.
Let’s take a look at them:
Identifying these vulnerabilities sounds like a silly mistake, doesn’t it? Well, these are really, because it is the outsourcing company’s responsibility to secure the client data which they are leaving aside.
INTERESTING FACT
According to a report by SecurityScorecard, 98% of organizations globally have their relationship with at least one third-party vendor that has experienced a data breach.
After all the data breaches by third-party associations, companies and start-ups still can’t perform every task on their own, they need to outsource some of the projects. Therefore, this section specifically covers how you keep your castle secure while still benefiting from your allies.
Start with making sure your contracts with vendors clearly spell out all security expectations: specifically, what data to access and how to protect it. Now only give vendors the minimum access they need to do their job, also ensure multifactor authentication for access control.
In between the procedure, regularly review who has the access and what task is being performed. This might sound harsh, but with the zero trust approach, you can constantly verify their identity and permission.
Undoubtedly, outsourcing it and collaborating with vendors can bring huge advantages to your business, including cost saving, specialized expertise, and faster growth. But these benefits can be faded if the security is not built as it should be. For this case, being suspicious of your partners can be a smart and proactive move.
Understand the common risk and put simple, clear strategies in place so you can ensure that every external connection to your system is secure. Secure outsourcing should be a beetle part of protecting your entire business future. Since it helps protect your data, and your business can flourish without hidden security gaps turning into measure headaches.
It means getting an IT project done with the help of an external companies or individuals when they are managing parts of your technology infrastructure, which can introduce security risks if their practices aren’t as strong as your own.
Vendors may not have strong security practices, use outdated software, lack proper employee training, or retain excessive access longer than needed, which create exploitable vulnerabilities.
It’s a security principle where vendors are given access to only the minimum necessary access rights and permissions required to perform their specific tasks.
MFA adds an extra layer of security beyond just a password, requiring a second form of verification like a code from a phone to make it harder for unauthorized users.
