What is cyber due diligence?
‘Cyber due diligence’ — also known as ‘digital due diligence’ — is the process of identifying cybersecurity risks within an organisation and its third parties.
Structured as a detailed review, the due diligence process looks at all the governance and processes used to protect a business’s informational assets. In its simplest form, it is the process of monitoring, identifying, and mitigating the cyber risks posed by third parties.
The aim of this process is to identify any and all gaps in a business’ network security so that cyber criminals don’t exploit them. As well as this, the process can be used by businesses to gain insight into the cybersecurity postures of their vendors, while helping them to remain compliant themselves and avoid fines.
Why does your company need cyber due diligence services?
Mostly, cyber due diligence services are carried out for mergers and acquisitions by venture capitalists or private equity companies. When you merge or acquire a company, you also acquire risks. Cyber risks are emerging as a significant threat to private equity investments. Among the risks are:
- An insecure network
- Compromised assets
- Risks for current or historical non-compliance
So, it makes sense for a business to be aware of these things before proceeding. However, as a general overview of your cybersecurity practices and procedures, cyber due diligence is an excellent tool for any business, whether merging or not.
Our cyber due diligence services
Here at the Cyberfort Group, our cyber due diligence services target the following areas:
- Data privacy
- Security controls review
- Security products and services
- Data regulatory and sensitive data controls
- Third-party security risk management
- Security risk and measurements
So, if you’re a business thinking about merging or acquiring a company but would like to know more about the risks involved, contact us today.
In the meantime, you can learn more about cyber security risk management here or browse through our blog for more strategic digital business insights.
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