Cybersecurity Due Diligence

Cyberattacks are on the rise and are showing no signs of slowing. As businesses expand they must be aware of risks and vulnerabilities to protect their assets and data. This is called due diligence. In the security context it means taking the time to thoroughly research and evaluate the third-party partners and vendors, and ensuring that they conform to the security standards of an organization.

In general, due diligence means taking care to take the same precautions that a prudent person or business is expected to do in similar circumstances. In the area of cybersecurity it refers to a firm’s ongoing efforts in maintaining their security posture and to prevent data breaches. This includes documenting security policies, implementing security measures and constantly monitoring the residual risks. It is also important to stay informed about the latest legal and industry standards, such as HIPAA GDPR, HIPAA, and ISO 27001.

Due diligence also requires that organizations mitigate and understand third-party risk in their supply chain. This can be accomplished by implementing a plan for vendor management that includes monitoring and assessments of third-party risks. It’s also crucial to establish clear expectations with vendors to ensure they adhere to policies and standards.

It is also crucial to be aware of the dark web, which is a closed online deal flow software community that cybercriminals use to exchange data and attack methods. Monitoring the dark web can help organizations improve their emergency response strategies and increase their resilience against cyberattacks.