Cyber attacks are increasing and show no signs of slowing. As businesses grow they must be prepared to assess the threats and vulnerabilities to secure their assets and data. Due diligence is the method of evaluating potential risks and vulnerabilities. In a cybersecurity context this involves thorough research and evaluation of third-party suppliers, partners and acquisitions, and ensuring that they are in line with the company’s security standards.
In general, due diligence means applying the same level of care that a prudent individual or business would be expected to in similar circumstances. In the area of cybersecurity it is the company’s ongoing efforts to improve their security posture and to avoid data breaches. This includes documenting security policies and implementing security measures as well as continuously checking for residual risks. It is also crucial to be aware of the legal and regulatory standards in the industry, such as HIPAA, GDPR and ISO 27001.
Finally, due diligence requires that organizations understand and mitigate third-party risks within their supply chain. This can be achieved through the development of a vendor management program that includes assessments as well as continuous monitoring of third-party risk. It is also essential to establish a clear set of expectations with vendors to ensure they are adhering to policies and standards.
It is also crucial to be aware of the dark web which is an online community where cybercriminals can use to exchange data and use attack strategies. Monitoring the dark web can aid companies improve their incident response plans and strengthen their defense against cyberattacks.
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