Being cybersecurity ready offers many advantages, but your organization can always target hackers unless you do not know critical details. According to a Junior Research report in 2019, the expense of cybersecurity breaches in 2024 will reach to $5 Trillion every year from $3 Trillion currently. The data is helpful, especially for large organizations that depend on third-party cybersecurity services for their day to day operations. Data by Opus and Ponemon Institute shows that 60% of organization attacks happen due to the third-party actors. Data breaches can destroy the brand image of any organization and also result in a financial crisis. To limit data breaches, the organization should have a reliable third-party vendor that it can trust.
- Are your vendor’s offerings compatible with your organization’s needs?
- Your cybersecurity provider should have an excellent cyber score.
- Did your vendor experience any data breach or attack in the past?
- If the provider has an immediate incident response project.
- Whether your cybersecurity provider offers ‘right to inquire.’
- If the vendor has an intelligence program for potential threats.
- Whether the vendor has industry certification or not.
- If the third party provider has a chief information security officer or a security contact.
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