We are constantly discussing recent breaches and attacks in today’s security and safety culture. Then many IT firms show up on the news, or media platforms and tell you how to navigate the murky waters of cyber security and what your incident response plan should be. However, we rarely, if ever, see organizations warn and prepare businesses for when one of their vendors’ security is breached and what that means for them.

Data breaches are a major concern for businesses of all sizes. When a vendor’s data is compromised as a result of phishing, it can have serious consequences for your company’s operations, reputation, and bottom line. Today, we will discuss how a company should react when they learn that a vendor has suffered a data breach as a result of phishing.

Evaluate the Breach’s Impact

The first step in responding to a vendor data breach is determining the potential impact on your own business. This entails determining what data may have been compromised and how attackers may have used that data. You should also consider whether the breach will have an impact on your company’s compliance with regulations such as GDPR, HIPAA, or PCI DSS.

Make contact with the vendor.

It’s critical to contact the vendor as soon as possible to determine the scope of the breach and what steps they’re taking to address it. You should also inquire about what data was compromised and how the vendor intends to prevent future breaches. Maintaining a professional and cooperative relationship with the vendor is critical during this process, as you may rely on them for future business.

Inform Your Customers and Employees

You may need to notify your own customers and employees if your company’s data was compromised as a result of the vendor data breach. This will be determined by the nature of the compromised data and whether it can be used to identify individuals. In light of the breach, you may also need to advise employees on how to protect their own personal information.

Examine Your Own Cybersecurity Procedures

When a vendor suffers a data breach, it’s a good time to review your own cybersecurity measures and identify any gaps in your defenses. Reviewing your own phishing awareness training programs, implementing two-factor authentication, or conducting a vulnerability assessment are all examples of what you could do.

Consider Different Vendors

If the vendor’s data breach was caused by a lack of security measures or negligence, it may be time to look for new vendors. It is critical to weigh the risks and benefits of switching vendors and ensuring that they have the necessary security measures in place to protect your data.

TLDR

When a vendor suffers a data breach as a result of phishing, it is critical for businesses to respond quickly and methodically in order to protect their own data and prevent future breaches. You can minimize the damage caused by the breach and ensure the security of your own data by assessing the impact of the breach, communicating with the vendor, notifying your own customers and employees, reviewing your own cybersecurity measures, and considering alternative vendors. Remember that cyber threats are constantly evolving, and businesses must remain vigilant and proactive in their cybersecurity efforts.