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Cyberattacks are increasing and there is no signs of slowing down. As businesses grow they must be aware of threats and vulnerabilities to protect their assets and data. Due diligence is the method of evaluating the potential threats and vulnerabilities. In a cybersecurity context, this means thoroughly researching and evaluating third-party partners, vendors, and acquisitions, and ensuring that they follow the standards of security set by an organization.
Due diligence refers to the practice of exercising the same level of care that a responsible business or person would in similar circumstances. In the area of cybersecurity, it refers a business’s ongoing efforts to maintain their security and protect against data breaches. Documenting security policies, adopting measures to protect data and monitoring residual risks are all a part of this. It is also crucial to keep up-to-date with industry and legal standards like HIPAA GDPR, HIPAA, and ISO 27001.
Lastly, due diligence requires that companies be aware of and reduce the risks posed by third parties in their supply chain. This can be accomplished by implementing a plan for managing vendor relationships that includes assessments and monitoring of third-party risks. It is important to establish the right expectations with vendors to ensure they follow the policies and guidelines.
It is also essential to be aware of the dark Web an online community that is closed where cybercriminals exchange data and attack strategies. Monitoring the dark internet can help organizations enhance their incident response plans and increase their resiliency to cyberattacks.