Is Your Data Secure With Third-Party Vendors?

By Don Reisinger  |  Posted 12-24-2012

Is Your Data Secure With Third-Party Vendors?

IT and Price
When evaluating third-party vendors, 59% of IT professionals say price is their most important consideration.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Technical Expertise
According to 50% of IT professionals, the second-most-important element in choosing a third-party vendor is “technical expertise.”

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Security and Privacy
Over one-third of IT professionals (37%) say a third-party vendor’s information security and privacy policies are an important part of their hiring decision.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

The Price of Business
Business has a much different view. In fact, 81% of business “stakeholders” say a vendor’s pricing is of extreme importance, easily overshadowing all other factors.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Business and Security
A vendor’s security practices are considered an important criterion in decision-making for only 13% of business stakeholders.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Sharing Data
Deciding what data to share with vendors is a huge concern for companies. Still, 61% of firms share customer data with third-party vendors.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Financial Data
44% of companies share financial data and 37% share payroll data.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Don’t Ask, Don’t Tell
Only 47% of companies always ask a vendor about its security processes before sharing information. And 18% “sometimes or never” ask.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Secure Contracts
That said, 86% of companies include security provisions in their contracts in an effort to safeguard information.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Lack of Confidence
Only 19% of companies are “very confident” that their vendors are adequately protecting their business information.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Safe at Home
80% of respondents say their own firm is more effective at securing sensitive information than their third-party vendors.

Is Your Data Secure With Third-Party Vendors?

Is Your Data Secure With Third-Party Vendors?

Just Asking
One last disturbing tidbit: Only 20% of security vendors ask companies about their security policies before sharing their own confidential business data.

Is Your Data Secure With Third-Party Vendors?