Cybersecurity Due Diligence

Cyberattacks are increasing, and show no sign of slowing down. As companies expand they must be prepared to assess the threats and vulnerabilities to secure their data and assets. Due diligence is the method of evaluating potential threats and vulnerabilities. In a cybersecurity context this involves conducting thorough research and evaluating third-party partners, vendors, and acquisitions, as well as ensuring that they meet the standards of security set by an organization.

In general, due diligence is taking care to take the same precautions that a prudent individual or business would be expected to in similar circumstances. In the area of cybersecurity, it refers a company’s ongoing efforts to maintain their security posture and prevent data breaches. This includes documenting security policies and implementing security measures as well as constantly monitoring residual risks. It also means being aware of legal and industry standards such as GDPR, HIPAA and ISO 27001 and making sure that the practices of the company conform to these standards.

Lastly, due diligence requires that organizations understand and mitigate third-party risks in their supply chain. This can be accomplished by creating a system for managing vendor relationships that includes assessments and monitoring of risks posed by third parties. It’s also important to create a clear set of expectations with vendors to ensure they adhere to policies and standards.

Furthermore, it is essential to be aware of the dark web as it is a private online community that cybercriminals utilize to exchange data and use attack methods. Monitoring the dark web can help businesses improve their incident response plans and become more resilient against cyberattacks.

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