Vendor Risk Management: Assessing Privacy Compliance
Navigating the complex landscape of privacy compliance with third-party vendors is crucial for any company. We’ve gathered insights from a Data Protection Officer and CEOs, focusing on methods like requesting ISO certification and conducting thorough privacy assessments. Discover five expert strategies to effectively assess and mitigate privacy risks from our panel of seasoned professionals.
- Request ISO Certification and Risk Assessments
- Check for Breaches on HaveIBeenPwned.com
- Limit Data Exposure and Conduct PIAs
- Perform Privacy Audits and Due Diligence
- Conduct Thorough Privacy Assessments
Request ISO Certification and Risk Assessments
The straightforward way is to ask for their ISO 27001 certification, SOC 1 & 2 reports, or their security papers. In the absence of any such reports, the best method is to conduct a privacy risk assessment. These assessments help in an efficient analysis of data-processing activities, probable vulnerabilities, and compliance with privacy regulations.
By conducting systematic assessments, organizations can proactively address any privacy concerns, confirming that third-party relationships align with the company’s privacy standards and safeguard the integrity and confidentiality of data shared with external entities.
Dr Raghuveer Kaur
Data Protection Officer, Cateina Technologies Pvt. Ltd.
Check for Breaches on HaveIBeenPwned.com
An early and easy port of call for those who want to find out fast if there should be anything to be wary of for a third-party vendor or partner is HaveIBeenPwned.com.
This website will allow you to quickly and easily identify if there has been a data breach via the “Who’s Been Pwned” page, and then follow up on what happened afterwards and the severity of the breach. This quick first check is a must to make sure that the company or organization you’re looking to work with has privacy in mind.
Joshua Long
Head of Comms, Mojeek Limited
Limit Data Exposure and Conduct PIAs
If we need to pick one method, it would be limiting the exposure and sharing of private data with third-party vendors and partners. We shouldn’t simply rely on their SOC certifications and other compliance artifacts; rather, we should focus on what private data they truly need to support our company’s business operations.
The cyber and privacy team should closely review and audit data being shared at the design and onboarding phase itself and limit it. If at all we have to share private data, let’s see if we only share the must-have fields/data and try to see if controls like data masking, tokenization, anonymization, etc., can be applied.
Finally, doing a Privacy Impact Assessment (PIA) would help the company to assess the status of privacy compliance of its third-party vendors and partners.
Gaurav Singh
Cyber Security Leader, Under Armour
Perform Privacy Audits and Due Diligence
One effective method for a company to assess the privacy compliance of third-party vendors and partners is to conduct comprehensive privacy audits and due diligence reviews. This involves thoroughly evaluating the privacy practices and data-handling processes of vendors against established privacy standards and regulatory requirements. Companies can create a checklist that covers key privacy principles, such as data minimization, consent management, and security measures.
Additionally, contractual agreements should explicitly outline privacy expectations and compliance obligations. Regular audits, ongoing monitoring, and clear communication channels mitigate potential privacy risks associated with third-party collaborations and foster a secure and compliant business ecosystem.
Amber Moseley
CEO and Co-Founder, IWC
Conduct Thorough Privacy Assessments
Ensuring privacy compliance with third-party vendors is crucial for us at Venture Smarter. One effective method we employ is conducting thorough privacy assessments. We start by defining a set of criteria that align with our privacy standards and regulations. This includes evaluating how vendors collect, process, store, and share data.
We then request detailed information from the vendors regarding their data handling practices. This helps us identify any potential privacy risks. To further mitigate these risks, we also ensure that vendors have robust security measures in place. Regular audits and assessments help us stay on top of their privacy practices and ensure they align with our standards.
Jon Morgan
CEO, Venture Smarter
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