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Security and Privacy for HR Vendors
You are dealing with the most valuable organizational asset, the human resource data. It is not surprising that information security controls and cyber defense considerations are paramount in your sales presentation, capabilities demonstrations, and proof of concept with your prospects.
Suppose the service or application like payroll or benefits processing or a mission-critical HR application is consuming or leveraging personally identified information (PII). In that case, there are compliance and regulatory challenges for data privacy and security.
Attacks from Third Party HR Applications or Services
If a third-party HR application or service causes a data breach, it’ll have severe financial and brand impact for both the vendor and the user.
The recent ransomware attack on PrismHR makes it imperative to have robust security and privacy controls to prevent, detect and recover from a cyber-attack. Otherwise, you might end up with an unprecedented loss of business or irreparable brand damage.
It is not surprising that companies planning to deploy your solution are doing more rigorous due diligence through their third-Party risk management (TPRM.)
If you need any help, the FS VQ-TPRM suite of services provides a frictionless, cost-effective, and field-tested approach for HR vendors to go through the TPRM life cycle with ease.