It's 7:00 PM... do you know where your data is? In today's age of cloud computing and outsourcing, we find ourselves working with more and more vendors all the time. Gone are the days of purchasing software that arrives on a disk or a CD and needs to be installed on everyone's computer. These are the days of cloud software and infrastructure-as-a-service. Often times, it's simply cheaper to have someone else manage all of the things you don't know as much about so you can focus your time and energy on the things you do well and your customers.
However, along with all of the upsides of outsourcing come plenty of risks - the greatest of which is the protection of your data. The FFIEC makes sure to remind us in multiple instances of guidance that it is ULTIMATELY the Board of Directors and Senior Management's responsibility to ensure the protection of YOUR customer data. Additionally, financial institutions must understand HOW their customers information is being protected JUST AS IF IT WERE HOSTED AT THE INSTITUTION.
That's a lot to take in, and it's even more work. Vendor Management is one of the most time-consuming activities a financial institution must complete. There are lots of questions around exactly how to perform quality Vendor Management, such as "Which vendors do I need to review?", "What questions do I ask?", or even "Where the heck do I start?"
HOW CAN WE HELP?
Don't worry, SBS has you covered. We're launching our brand new Full Service Vendor Management service, which helps take the guess-work out of Vendor Management. Not sure where to start? Let SBS perform your Vendor Management for you! From vendor risk assessments to financial reviews, to due diligence, to helping you make decisions, to reporting upstream... we've got you covered.
Contact us for more details, along with any questions, comments, or concerns you might have. We're always happy to help!
Written by: Jon Waldman, CISA, CRISCPartner - Secure Banking Solutions
Vice President of Business Development - SBS Institute
Hacker Hour webinars are a series of free webinars hosted by SBS CyberSecurity. Unlike paid webinars, Hacker Hours are aimed to meet on a monthly basis to discuss cybersecurity issues and trends in an open format. Attendees are encouraged to join the conversation and get their questions answered. SBS will also offer products and services to help financial institutions with these specific issues.