by: Randy Lindberg, Founder and Managing Partner with Rivial Security (A Quantivate Partner)
There are some ordinary steps that you can take to assess vendor due diligence. But, you don’t want to be ordinary…
To be a Vendor Assessment Jedi, use the NIST Cybersecurity Framework!
Vendor due diligence is the process of ensuring that the use of external IT service providers and other vendors does not create unacceptable potential for business disruption or negative impact on business performance.
To accomplish the objective of vendor due diligence, your credit union needs to:
- Gather company details such as ownership specifics, company size, products offered, and location
- Understand the company’s financial position, or rather, is this vendor financially stable enough to service your needs for at least 1 to 2 years