Prevent Phishing Attacks: Set Up Security Procedures With Your Vendors

Phishing attacks happen billions of times a day. They are a constant threat to your business, as scammers try to trick employees into revealing sensitive information or clicking malicious links. Unfortunately, your vulnerability extends beyond your own organization: Vendors that have access to your data and systems can be prime targets for these scams, too, which could open a backdoor for attackers to infiltrate your organization. 

Why Vendors Are Phishing Targets

Third-party vendors, along with any business that has a large number of connections to other businesses, are very attractive for several reasons. Firstly, they are a treasure trove of data. Vendors hold on to a ton of sensitive information like financial records, intellectual property and customer details. 

These vendors are involved with regular financial transactions, including frequent money transfers. Phishing emails disguised as legitimate invoice or payment requests can easily trick employees into sending funds to fraudulent accounts. 

Lastly, there can be security awareness gaps, especially with smaller vendors that may not have the resources to invest in robust cybersecurity training. This training should be given to their employees as well, making them less susceptible to phishing tactics.

The Solution? Building a Security Shield Together 

The best way to combat phishing threats is clear collaboration and communication with your vendors and setting up strong anti-phishing procedures. Here are three tips to set up phishing procedures with your vendors:

• Open verified communication channels by designating points of contact between both you and the vendor for reporting any suspicious activity on either side. This allows for quick verification and helps minimize the risk of falling victim to the scam. 
• Establish a verification process for all requests, especially ones involving money transfers or other urgent requests about sensitive data. These verifications could be a phone call or even two-factor authentication required for every sensitive action.
• Build a team based on transparency. You need to work together with your vendors on anti-phishing measures, so both businesses can remain secure. Your organization will gain a stronger security posture and build trust with your vendors through transparency. 

Specific Procedures to Implement 

It’s important to take the three steps above into consideration when you implement vendor protocols surrounding phishing. If your communication protocols have yet to be implemented or you have yet to set up the dedicated points of contact for both companies, it is time to do so now. It’s also important to establish a secure method of communication like encrypted emails or internal messaging platforms. 

When you have your communication protocols set up, move on to setting up your verification procedures. Both you and your vendors need multi-factor authentication on every application possible, and especially for all accounts that vendors can access. Once again, require confirmation calls for all urgent requests, especially those involving financial transactions. 

Every cybersecurity protocol needs to include training, with an emphasis on phishing attacks, and how to identify suspicious emails. These training sessions keep employees informed and should be conducted at regular intervals to keep the information fresh in their minds. Consider bringing your vendor to these trainings so they, too, can remain informed. 

Proactive Defense Is the Best Defense 

When you set up phishing procedures with your vendors it is crucial to have a robust cybersecurity strategy. By taking a proactive approach and fostering open communication you create a strong defense against phishing attacks. A secure supply chain is vital for the overall security of your business. 

We highly recommend routinely ensuring your vendor security policy is up to snuff. Here at OrlanTech, we can do a full vulnerability assessment to keep you safe. Book a meeting with us to learn more.