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Cybersecurity information technology

The Growing Need For A Vendor Risk Assessment Template

Indeed, a vendor risk assessment template is more important than ever. Technology is like a fire. It made our lives much easier. However, that very fire can burn a business into the ground.

Many companies enter a digital relationship with third-party vendors. These vendors increased the opportunity for growth. Yet, they also increase opportunities for cyberattacks. For example, 61% of U.S. companies said they have experienced a data breach. One of their vendors or third parties caused the breach.

Before committing to a third party supplier, it is important to get to know more about them first. A vendor risk assessment template helps us with that goal.

What Is A Vendor Risk Assessment?

This is the process of screening third party suppliers. Business leaders evaluate those suppliers as potential business partners. Furthermore, the screening aims to identify associated risks and hazards. That is with the vendor’s processes and products. 

Moreover, this evaluation helps businesses determine if the supplier is fit for the needs. Additionally, this screening helps businesses see how qualified the supplier is for the organization’s requirements.

What Is A Vendor Risk Assessment Template?

Acquisition officers use this tool to ensure that the vendor complies with regulatory requirements. Some of these requirements are:

  • Data privacy
  • Due diligence
  • Security risks

This process is important to deeply see product cost, software demonstrations, and service delivery.

No two organizations are exactly alike. That fact applies to vendors also. Therefore, do not use the same template across all vendors you’ll assess. You must modify it according to your industry. Likewise, modify the vendor risk assessment template according to each vendor.

What Should The Template Contain?

As we have mentioned earlier, the assessment presents great importance in the process of choosing appropriate partners. Moreover, it helps evaluate a vendor’s portfolio. It also identifies the red flags and risk level of the vendors. Additionally, such screening sees the vendors’ likelihood.

Otherwise, failure to conduct assessments presents damage to the organization. Such damages include reputational and financial losses. Moreover, a company might experience heavy effects such as regulatory sanctions and business closures. Yet, these are avoidable by checking these elements in screening vendors:

Credibility

Conduct a background check to see the ability of a vendor. That is the ability to maintain a high-quality standard. Moreover, that must not cause any risk to both the company and its customers. 

It’s important to see the vendor’s accuracy and reliability. Doing so avoids financial loss and hindrances to business operations. Additionally, check the feedback and reviews from the vendor’s previous clients. Also, take a look at press releases for the vendor, if there are any.

Security and Privacy

A vendor must handle confidential information safely. Moreover, the vendor must have the capability of asset management. Furthermore, take note of the security controls the vendor possesses in case of attacks.

Data Handling and Disaster Recovery

This process evaluates how a vendor manages data documentation. Also, it’s important to check the disaster plans of the vendor. This identifies the vendor’s preparation and recovery capabilities in the event of an attack. See to it that the vendor also has backup plans.

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Cybersecurity

Oracle Cyber Security: Seeing the Future in the Cloud

What is the scene today at Oracle cyber security?

The scene of today’s tech is always changing, and so do cyber risks and customer expectations.

Today, new cyber threats are popping up everywhere and there are a lot of them. Its because more sectors and customers are relying on computing, networks, and data.

Also, more and more technologies are getting released year by year. Making devices move into people’s pockets. Meaning, more and more data needs protection.

That is why Oracle is making its move and strategies to keep up with this. How so?

Oracle Cyber Security

Customers today want to offload cyber security. So, companies are looking at third-party vendors to help them in this area.

Large companies and the government handle lots of vital data and systems. So, it’s hard for them to manage all these on their own.

Thus, Cloud vendors like Oracle can help them in this area. They can manage the data of tens of thousands of customers while making sure it is secure. 

This is because Oracle focuses all their resources on these security issues. That way, they can make secure systems in a way large companies and the government cannot.

So, what are the moves they are doing to better these services?

Oracle Seeing the Future in the Cloud

Oracle sees the future of cyber security in the Cloud. That is why they are making efforts like building their second-generation Cloud.

With this new Cloud, there is no way attackers can get through its security. It not even possible for Oracle itself to look at their customer’s data and memory.

What makes it possible for them to give this level of security? It is:

  • the security processor mediates all network access in and out
  • the security code runs outside of the computer that runs the application code
  • separate connection via the Ethernet
  • machine-learning algorithms looking for patterns of attack
  • Autonomous Database with automated patching and no downtime

Thus, this new Cloud model makes Oracle stand out from its rivals. And it makes them better in the eyes of their customers.

Also, Oracle has a more holistic view of the problem because they build every level of the stack:

  • storage systems
  • computers
  • operating systems
  • virtualization software
  • networking software
  • application software
  • control-plane

Cyber Security, the People, and the Cloud

Before, when the Cloud was new, a lot of people think that this is a threat to cyber security. But today, more and more realize its vital role in keeping their data safe.

They are now understanding what vital role Cloud vendors like Oracle plays. And how they can take advantage of them.

What, then, are the perks of moving to the Cloud? Here are some:

  • lifting the burden of cyber security from customers
  • customers have more chance to focus on their organization
  • customer can focus on giving value to their organization
  • employees can focus on their roles
  • helps companies manage their information
  • aids in making better decisions
  • Clouds are more flexible and workloads are easier to move