One of the top priorities for many businesses is third party vendor risk management, which is completely understandable.
So, what are the critical elements we need to consider from a third-party risk perspective? Classification and compliance would be considered front of the queue.
Understandably, one of the top priorities for many businesses is third-party vendor risk management. So, what critical elements do we need to consider from a third-party risk perspective? Classification and compliance would be considered at the front of the queue.
E-Sign and other electronic signature providers are considered tier 1 suppliers and with this comes increased scrutiny and security assessment requirements.
E-Sign provides a world-class security and compliance programme, including being ISO 27001, Cyber essentials, and SOC compliant. As a business or individual, you can feel confident that any potential risks are being addressed by the E-Sign security and compliance team. Compliance is a top priority for our dedicated team. We continually demonstrate how our policies and procedures meet or exceed industry standards. This is achieved by industry best practices, annual independent third-party audits of E-Signs controls, certifications from accreditation bodies including UKASISO27001, ITHC and attestations of compliance.
Let’s look at the issues most important to you when assessing security and compliance risks and how we address them. The topics to evaluate for potential risk are listed below, each focusing on a different area of security, privacy and legal compliance:
Information classification is a process in which organisations or individuals assess the data that they hold and the level of protection it should be assigned.
Information classification helps to ensure that individuals involved inside an organisation have the knowledge and are aware of the type of data they are working with and its value, as well as their obligations and responsibilities in protecting it and preventing data breach or loss. It’s important for E-Sign customers to know how the data is flowing through the system and that its access is protected, so that only the sender and the recipients can view the envelopes, with an audit trail tracking in place for the whole process.
The safety of customer data is ensured by restricting employee access to the E-Sign production environment. Employees with this access undergo additional information security training and checks.
There are two types of data encryption: at rest and in transit. ‘Data at rest’ refers to data being housed physically on computer data storage, in any digital form. On the other hand, data ‘in transit’ is moving between devices or two network points.
Data encryption, which prevents data visibility in the event of its unauthorised access or theft, is commonly used to protect data in motion and is increasingly promoted for protecting data at rest.
Data privacy is typically associated with the following elements.
Keeping customers’ private data and sensitive information safe is essential. it can create a dangerous situation If financial data, healthcare information, and other personal consumer or user data are exposed to the wrong people. Access control is paramount regarding personal information. Individuals can be at risk of fraud and identity theft if controls are not put in place.
E-Sign is compliant with the General Data Protection Regulation (GDPR), the most important data protection regulation in over 20 years, which is important when transferring data between countries, especially in and out of the European Union.
Cybersecurity is an ever-growing concern, as an increasingly large portion of our lives and activities occur online.
E-Sign has data management and privacy practices in place around the following:
Users can be verified by various login credentials, which determine the access control identifier. They can include security tokens, PINs, usernames and passwords and biometric scans. Multi Factor authentication (MFA)is also a common feature in access control systems.
Access controls limit access to information and information processing systems, so that people have enough information to carry out their job, but nothing more and there are processes in place such as access control registers, to remove that access when the employee changes jobs or leaves the company. It’s also crucial that envelopes can only be accessed by authorised parties.
When implemented effectively, access controls mitigate the risk of information being accessed without the appropriate authorisation, unlawfully and the risk of a data breach.
E-Sign addresses access control requirements with the following:
Sustainability is important to companies and individuals worldwide, it’s all about carbon footprint, reducing energy consumption and the impact the company is having on the environment. Companies need to have sustainable processes and also produce products that contribute to a more sustainable society.
A business that fails to make sustainable development one of its top priorities, may potentially receive bad PR, public criticism and market legitimacy. Businesses with solid sustainability policies are likely to attract younger talent, win more tenders (which increasingly ask for proof of ESG credentials) and win more awards and certifications
“Legal” and “ethical” aren’t necessarily the same thing. Business ethics outlines acceptable behaviours beyond government control.
Ethical behaviours include forced labour and human trafficking, fair pay and more. While the U.K. has the Modern Slavery Act, it’s important from a third-party risk perspective to ensure this is extended to everybody in the supply chain.
Ethical behaviours are key to a business’s reputation, consumers are more likely to buy goods or services from you if you act responsibly. There are also legal implications to consider in many industries and ensuring you comply with regulations set by the government is mandatory. Acting ethically reduces the risk of committing fraud, engaging in bribery and corruption.
Business continuity (BC) and disaster recovery (DR) are closely related practices that support an organisation’s ability to stay operational during or after a disaster. From natural disasters to cyber-attacks, organisations must remain resilient to these types of threats.
In the event of an adverse event, organisations need to continue business operations with little or no disruptions and minimise any potential risks.
To assess, monitor and manage risk exposure from third-party suppliers (TPSs) providing IT products and services.