As people “Stay at Home” and work remotely during
the COVID-19 pandemic, organizations have an increased reliance on external partners, suppliers, and third party vendors to keep their businesses running. For some companies, this may be the first time their employees worked outside of their office, without the benefit of established cyber security policies for working from home. It is crucial that third-party vendors be on the same page as their clients to ensure proper safeguards and business continuity.
4 key reasons why it is time to take a closer look at your third party risk management program:
Tech Giant GE Discloses Data Breach After Service Provider Hack
International company, General Electric, was impacted when its service provider, Canon Business Process Services, was hacked. Canon processes benefits documents for GE employees.
Source: Bleeping Computer
Visser, a parts manufacturer for Tesla and SpaceX, confirms data breach
US based manufacturing company, Visser Precision LLC, fell victim to a ransomware attack. Their clients SpaceX, Tesla and Lockheed Martin became involved when some of their documents started to get published online.
Health Share of Oregon Notifies 654,000 Members About Business Associate Data Breach
A stolen computer from healthcare organization Health Share of Oregon contractor, GridWorks, exposed personal information of more than 650,000 people.
Source: HIPAA Journal
Higher Data Breach Costs
Based on an IBM study, data breaches due to a third party, partner, or supplier cost companies an average $370,000 more than a direct breach of that company.
Take a look at your Third-Party Risk Management (TPRM)/Vendor Risk Management program to ensure it addresses your new environment. Schedule a scope call, and we can review with you how you can safeguard your networks, data, and teams.
We are here to help.
HALOCK is a trusted cyber security consulting firm and company headquartered in Schaumburg, IL in the Chicago area servicing clients throughout the United States to define reasonable security.