There are many reasons why a relationship with a third-party vendor could be terminated. In these circumstances, your vendor-stored data could be vulnerable.
The service requirements of the business often need to continue, but the risk is that data could be accessed by unauthorized users after contract termination. Another fear is that vendors may improperly dispose of documents that contain a customer’s confidential information, leaving that data at risk of being located and stolen.
In the event of a contract termination, it’s important to immediately retrieve your company’s data. However, to do this, you need to have the proper fail safes in place prior to contract termination.
Create a Plan to Receive Your Data
To plan for any contingency, follow these nine best practices to protect your data:
- Know specifically where your data resides and where backup sites are located.
- Define what is and isn’t confidential information.
- Include a service agreement with an exit clause that enables you to retrieve your data at any point in time.
- Plan how you will you retrieve your data, either through a web interface for you to download, or in a physical format.
- Create a timeline for retrieving your data, including how long the data should be kept after the service of the vendor expires.
- Request both digital and physical data be destroyed or sent directly to you.
- If your vendor has confirmed that your data is destroyed, then request they provide a certificate of confirmation.
- If data is returned, you should have a plan about where to store or archive this information.
- Perform regular audits, monthly or quarterly, to evaluate where data is stored as the vendor could change the location
VendorInsight® Manages Your Data Through a Vendor Relationship Lifecycle
Ultimately, you need to plan in advance for a worst-case scenario if a vendor relationship cannot be saved.
It’s essential to have a strong partner that understands everything about vendor management and can guide you on how to plan for contract termination. VendorInsight® can be that partner.
Our vendor risk management solution manages your data through the entire lifecycle of a vendor relationship. If a vendor relationship does have to be terminated, VendorInsight® provides you with a document and records archive with seven-year retention to preserve your risk management activities.
In this increasingly digital age, it’s vital to track, monitor and protect your data. Even a once trustworthy third-party vendor relationship may need to end.
Request a demo today to learn how VendorInsight® manages your data through the entire lifecycle of a vendor relationship.