Vendor Risk Management Best Practices
In vendor risk management, you’re assessing how cyber resilient and thorough your partners are. You share data with them in many cases. They may also have integrations with your systems, so they are another endpoint to consider.
In the world of transactional print and mail, it’s a heightened state of data security vigilance. All the information you send contains personal and private information, much of which must follow compliance regulations. To build confidence, trust, and transparency with your suppliers for tasks such as these, you’ll want to follow these best practices.
Develop a Vendor Assessment Process
You’ll want to create a consistent process to assess vendors. Also, you shouldn’t just evaluate them once. It should be at least an annual exercise. You’ll want to ask them key questions about their data security protocols, including how they monitor and respond to threats. Require that they be very detailed in how they protect your data through every step, from receipt to project completion.
Conduct Surprise Audits
In between assessments, you can also perform audits. While you have to give vendors some notice, the element of surprise means you see how operations really run. Hopefully, you catch them doing things right. Whatever the outcome of these audits, meet with your vendor to go over what you were glad to see and what you witnessed that has you concerned.
Define the Security Protocols You Expect
Your supplier works for you, so you have the power to set best practices regarding cybersecurity risks. Some of these will be in line with regulatory compliance; others may be specific to your industry or company. Go over these with your print and mail provider to ensure everyone’s on the same page.
Discuss Business Continuity
If a cyber-attack happens, how long will your vendor be down? Much of this depends on their redundancy and backup practices. In the case of ransomware, hackers hold data for “ransom.” Without a separate backup of this, data is inaccessible. Not only would you be dealing with a possible breach fallout, but operations would halt. Talk to your partners about how they protect against this with business continuity.
Ask About Physical Security
You need security in the real world, too. In the case of print and mail, there are physical elements that continue confidential information. If an unauthorized person could access this, it could create a breach, as well. Determine how your supplier limits access to these areas and their entire perimeter security practices.
Cybersecurity Risks Won’t Fade, Be Sure You Have Security-Minded Partners
Your business can never completely eliminate cybersecurity risk. As networks grow and become more complex, so do threats. You’ll need to look outside your four walls to create a culture of security, which means working with those with a dedicated focus on this. Depend on PCI Group to be a security-minded partner for your print and mail services. Learn more about our approach to security today.