Instead of adopting a reactive approach to cyber security, companies should actively prevent and manage such cyber risks by devising a response plan with the following five steps.
1. Identify third-party risks
To successfully thwart future cyber-attacks, companies have to first determine which vendors or third-party entities have access to their firewall and could have the largest impact to the organization in a worst-case scenario.
When selecting possible vendors to work with, it is best to consider the amount of sensitive data that the vendor is handling, such as personally identifiable data, protected health information or financial transactions. With this knowledge, suitable mitigation measures must then be introduced to safeguard the sensitive data.