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  • Keep vendor security from being risky business

    finalcode-admin|Sep 27, 2017

    Companies today are using more vendors than ever to capitalize on new business opportunities and optimize operations. In fact, the average company has 89 different vendors accessing their network every single week, finds CSO. That number will likely increase as companies adopt more managed cloud services; outsource entire business functions; and partner with third parties to gain new Internet of Things (IoT) services such as analytics and connected device monitoring, management, and preventive maintenance.

    Vendor relationship management is a “top 5” skill for today’s CIOs

    In fact, Gartner identified vendor management as a strategic competency all enterprises must have. “By 2017, CIOs will develop vendor relationship management skills as a top-five competency to extract business value and innovation from strategic vendors,” says Christopher Ambrose, Research Vice President at Gartner.

    More than 3 in 5 of data breaches due to third parties

    As companies harden their vendor management skills and tools, they still need to account for the weak link of vendor security. In fact, an industry survey found that up to 63% of data breaches can be traced back to vendors. Target, Lowe’s, and Home Depot learned this the hard way.

    At FinalCode, we agree. Whether its designs, BOMs, cost data, or more – your company has data that must stay secure. As you increase the number of vendors, you will need to manage more network users and access privileges than ever. Adding to the complexity is that vendors don’t always need the same rights. For example, Vendor A may need time-limited, view-only access to confidential data, whereas Vendor B may be a strategic collaborator and need to access and manipulate information on an ongoing basis. You will also want to safeguard data from diversion, such as being downloaded to unapproved devices like external drives.

    Pioneer uses FinalCode to share confidential files securely with vendors

    Pioneer Service Network Corporation, a Japanese firm, faced this challenge when trying to grow its maintenance services. Mr. Hiroshi Wada, manager of Pioneer’s IT System Group, explains:

    “Although all the files are confidential, it is necessary to share them with partner companies to process the orders and do other work. We were afraid of the risks of attacks from hackers, infection by virus and human error before deployment.”

    Pioneer deployed FinalCode as a SaaS offering in one month, to share sensitive data with partners, including product designs, sales orders, repairs, and business transactions. Since each partner had a different IT infrastructure and security policy, Pioneer decided to adopt a common security system to strengthen information sharing and control. FinalCode offers 36 different protections and capabilities for secure filesharing, including 256-bit encryption; user access controls and durations; multiple security settings per file; controls over functionality, such as copying, pasting, and saving; and an audit trail.

    Mr. Hiroshi Wada says: “FinalCode’s security is really tight and not only is the encrypted file only available to authorized persons, but usage can be tracked. More so, as a file is taken, it can be deleted remotely. This strong protection really works. FinalCode is the ultimate file security program.”

    Get the case study.

Ensure File Security with FinalCode