How to fix this: The right level of security
Since outsourcing is unavoidable, here a few things you can do to minimize the risks:
- Procurement: When hiring an agency, make sure to assess the industry standard and vet the agency thoroughly. It would be wise to request the agency if they are proven to have a proper cyber security posture - a regular cyber risk assessment report will be a good way of proof.
- Tailored solution: Work with the agency to establish the potential risks and understand your options in the event of a data breach.
- Don’t relinquish control: Access to the data should be limited to avoid complete dependency.
- Periodic Assessments: Use risk questionnaires to ensure the agency conforms to your rapidly changing organization.
Many companies unwittingly believe that outsourcing cyber liability gives them free rein to follow the bare minimum regulations. This is exactly the opposite of what an enterprise should be practicing.