Have You Completed Your Cybersecurity Assessment, and Is It Up to Date?

As many organizations transition to a digital business reality that almost entirely operates virtually, one of the utmost concerns for product and business owners is information security. Data stands as the most critical asset in the present era.

• Does the stress of sensitive data loss through a 3rd party keep you awake at night?
• Are you feeling overwhelmed about completing the Cybersecurity risk assessment?
• Do you deliver products or services online?

"Over 78 percent of the companies worldwide are not confident about their cybersecurity posture," highlights Forbes, in line with a popular IDG survey report. At Sourceably, advisors can help you understand and improve your cybersecurity posture. Our Sourceably assessments can pinpoint the areas of strength and weaknesses to successfully engage with enterprise partners.

1. Information security management helps safeguard your reputation in the marketplace

When your partners become aware of information security issues in your operations, your vendor assessments and reputations can becoming damaging and deselect you from active vendor status.

2. Reduces the possibility of data breaches and damage to your organization

The 2020 Internet Crime Report from the FBI underlines that data breach resulted in losses exceeding $4 billion in the US. Noted advisories from agencies like CISA have also highlighted some common vulnerabilities and exposures widely exploited in entities globally, particularly with the surge in remote working systems and use of 3rd party vendors.

3. Lowers the risk of legal prosecution and penalties

As an organization functioning using online platforms violation of the provisions of the data protection laws can result in hefty penalties and significant losses to your business. Do you have an understanding and ability to comply with Privacy laws?

For instance, non-compliance with Europe's GDPR (General Data Protection Regulation) regulations can lead to penalties and fines that are higher than 4 percent of your entity's global turnover or €20 million. Similar laws are on the books in North America and should be understood, especially if you are doing business in California, New York, Massachusetts and Canada.