Cyber attacks are on the rise and show no signs of slowing down. As companies expand they must be aware of risks and vulnerabilities to protect their assets and data. This is called due diligence. In a cybersecurity context it is the process of taking the time to thoroughly research and evaluate third-party vendors, partners and acquisitions, while ensuring that they follow the security standards of an organization.
Due diligence is the process of exercising the same level of care that a prudent business or person would in similar situations. In the security context, it refers a company’s ongoing efforts to improve their security and protect against data breaches. This includes documenting security policies and implementing security measures as well as constantly monitoring residual risks. It is also essential to be aware of industry and legal standards, such as HIPAA GDPR, HIPAA, and ISO 27001.
Due diligence also requires that organizations be aware of and mitigate the risk of third parties in their supply chain. This can be accomplished through the development of a program for managing vendors that includes monitoring and assessments of risks posed by third parties. It’s important to set clear expectations for deal flow software vendors to ensure they follow rules and regulations.
Moreover, it is critical to be aware of the dark web as it is a private online community that cybercriminals use to exchange information and execute attack methods. Monitoring the dark web helps organizations improve their plans for responding to incidents and improve their resilience to cyberattacks.
