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Cybersecurity

How To Protect Sensitive Data When You Outsourcing

Companies of any scale have been leveraging this practice, trying to cut development costs and access the rich talent pool. However, despite offering significant benefits, IT outsourcing often causes serious data security concerns.

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Why Should You Outsource the IT Department in Your Company

According to Statista, by the end of 2021, the total value of IT outsourcing services will exceed $413.72 billion compared to $395.57 billion in 2019.

Companies of any scale have been leveraging this practice, trying to cut development costs and access the rich talent pool. However, despite offering significant benefits, IT outsourcing often causes serious data security concerns. According to the statistics, about 65% of companies that have used this solution have faced an information breach.

But how to keep data secure while taking full advantage of outsourcing services? This article has gathered guidelines that will let you protect company data and enjoy collaboration with an outsourcing software development company.

1. Ensure In-House Security

When it comes to outsourcing custom software services, first, make sure that you have a robust in-house data security policy. Here are some important tips to follow:

  • Distinguish between sensitive and common data using data classification.
  • Use different ways to protect digital content, such as encryption, digital rights management (DRM), tokenization, etc.
  • Establish strict access control using passwords, PINs, etc.
  • Educate your employees not only to use strong credentials but also to change them regularly.
  • Guide your employees on how to handle and protect the company’s sensitive data.
  • Build a strict Internet usage policy. Internet access in the company should be restricted to business needs only since personal web usage significantly increases the risks of malicious access to valuable information.

2. Choose the Right Outsourcing Vendor

Following the establishment of an internal security policy, the next step is selecting the outsourcing company to meet your security requirements. When choosing among various vendors, opt for the one that:

  • Provides strict security policy.
  • Has a good reputation in keeping customers’ sensitive data protected.
  • Educates its employees about the importance of sensitive data protection and signs non-disclosure agreements (NDA) with them.
  • Considers customer data protection as a core company value.

To understand if vendors meet the following criteria, investigate their data protection measures. It’s reasonable to ask outsourcing companies to define their strategies to store and process valuable information, data and database protection approaches, and practices implemented for vulnerabilities management. What is more, ensure that your potential vendor employs optimal cybersecurity technologies to provide an added level of data protection.

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A trustworthy outsourcing company guarantees data security on three basic levels:

  • The physical level ensures that a third-party vendor can protect your data from physical actions and events such as natural disasters, fires, thefts, etc.
  • The technological level includes various hardware and software tools used to protect data from cyber threats. These solutions encompass email filters, antiviral software, DLP software, etc.
  • The administrative level provides a smooth and efficient security policy. It handles PoLP, Internet use, data protection, NDA agreements, and other issues to prevent sensitive data breaches.

3. Use Principle of the Least Privilege (PoLP)

The principle of the least privilege implies that a user, an application, a program, or a process should have only the minimum of the rights necessary to fulfil their functions. Not only does it reduce the risks of a cyberattack, but it also prevents the spread of malware since it’s impossible to elevate privileges to increase access to a company’s critical systems and sensitive data.

PoLP has to be an integral component of the IT outsourcing policy. When granting privileges to your outsourcing vendor, make sure they have only the necessary amount of access to the company’s valuable assets and continuously review the given rights.

4. Conduct Regular Security Audits

Make sure your company conducts regular application, database, and network security monitoring. This way, you will reduce potential security issues, identify and address vulnerabilities as soon as possible. Moreover, it’s a valuable practice to determine whether your outsourcing vendor still maintains data security controls and follows the established outsourcing rules and regulations.

5. Keep Reviewing Your Data Security Measures With Vendors

When cooperating with a third-party vendor, you should never lose control. Even if you have long-term and productive relationships, it’s important to check if your outsourcing partner continues to meet security standards. Here are some aspects to pay attention to:

  • Make sure that the vendor deactivates unused user accounts. Otherwise, such accounts can be compromised and used with malicious intentions.
  • Find out if your outsourcing partner monitors outbound internet traffic and emails for potential data breaches.
  • Ensure the vendor’s user accounts meet necessary security requirements (strong credentials, adequate privileges, etc.)

6. Ensure a Legal Backup

Although the contract doesn’t ensure complete data protection, it can serve as a legal backup. Sign an agreement with the outsourcing vendor, defining essential security requirements. For example, in this document, you can specify that it’s prohibited to transfer your company’s sensitive data to complex media, or that the data transmitted online should be encrypted, etc.

Final Thoughts

Outsourcing has gained widespread popularity, providing companies with a vast number of operational and financial benefits. Although there are some potential risks related to data security, they should not become an obstacle to experience outsourcing.

By building a robust in-house data security policy, selecting the vendor that follows high-security standards as well, and conducting regular privacy and security audits, you will be able to achieve a win-win situation, enjoying the advantages of outsourcing and keeping your sensitive data safe.

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Cryptocurrency

Top 5 Advantages of Using Crypto Trading Bots

This article will go over the top five benefits of employing crypto trading bots and help you determine if it’s something you should invest in for your enterprise:

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Ethereum Cryptocurrency

Trading bots for cryptocurrency are truly an excellent method for generating money. They handle your transactions for you, giving you more time to emphasize other aspects of your life. It is feasible to program these robots to employ a variety of trading techniques and to trade regularly.

Before moving into any of these trading technologies, it is advisable to learn crypto trading by enrolling in specialized courses to master the intricacies. This article will go over the top five benefits of employing crypto trading bots and help you determine if it’s something you should invest in for your enterprise:

1. User-Friendliness:

Trading bots for cryptocurrency are effortless and require no technical background. All you want is a list of resources to deal with the bot, your preferred entry/exit parameters, or how often you prefer it to perform using the specified procedures.

These technological solutions can even handle numerous trades at the same time! If you’re a frequent trader who spends a lot of time hopping between several cryptocurrency exchanges, it will save you far more time.

2. Strategy customization option:

cryptocurrency trading bots allow you to create trading strategies. You won’t have to maintain a constant check on your marketplace to keep track of pricing adjustments. The bot will take care of everything. Crypto traders waste a lot of time reviewing their profit limits; therefore, automated methods might be beneficial – they save considerably more space in your day.

High-frequency robots work at frequencies far better than humans can. They execute hundreds of millions of little transactions each day and can make these judgments using complex algorithms.

Cryptocurrencies Bitcoin

3. Risk Management:

Cryptocurrency trading bots let you build up orders for your trades, including terminating all other orders and stopping transactions if one of them fails. This keeps dealers from trailing their whole account balance due to a poor transaction or a series of bad deals.

4. Backtesting:

Finally, you may backtest techniques using statistical information before investing real money, which means you can trade on a digital marketplace first, devoid of risking any cash. Before investing actual money, you may tweak these settings until they’re lucrative or at least worth a try. You may then switch the settings to your existing account and check how they operate when this procedure is done.

5. Transparency:

Most cryptocurrency trading bots are freely available, allowing anybody to scrutinize the code and learn how they operate. This is in contrast to other advanced software, which might be difficult to decipher what’s happening behind the lines.

There are no additional expenses or mysterious methods with these automated processes, so you always know what your bot does. While this may not always be the case with API-based web apps, most standalone programs will offer their original code available for anyone to review before judging whether or not it’s secure.

Overall, cryptocurrency trading bots can save time while improving earnings over time by establishing rules that prohibit unproductive deals from taking place in real-time. Rather than relying on a single instrument, diversify your portfolio with many crypto robots to mitigate risk and boost returns over time.

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