Cybersecurity Due Diligence
Cyber attacks are on the rise, with no signs of slowing down. As companies expand, they need to be prepared to identify risks and vulnerabilities to protect their assets and data. This process is called due diligence. In a cybersecurity context this involves conducting thorough research and evaluating third-party vendors, partners and acquisitions, and ensuring that they are in line with an organization’s standards of security.
In general, due diligence means performing the same level of care that a prudent individual or business is expected to perform in similar situations. In a cybersecurity context, it refers to the continuous efforts that an organization undertakes to ensure its security and prevent data breaches. Implementing security policies, documenting them, and taking measures to safeguard data and monitoring the residual risks are all a part of this. It also means being informed of industry and legal standards like GDPR, HIPAA and ISO 27001 and ensuring that the company’s practices adhere to these regulations.
Lastly, due diligence requires that organizations understand and mitigate the risks posed by third parties in their supply chain. This can be accomplished by developing a vendor management program that includes assessments and continuous monitoring of third-party risk. It’s also crucial to establish clear expectations with vendors in order to ensure they adhere to the guidelines and regulations.
It is also crucial to monitor the dark web, which is a closed online community that cybercriminals utilize to exchange data and use attack strategies. Monitoring the dark web helps organizations improve their emergency response plans and increase their resiliency to cyberattacks.
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