Cybersecurity has been a priority for business leaders for many years. Yet, despite investments in security controls, cyber-attacks keep coming. Each organization’s credit and collection department that implements outside help on collections needs to be aware of the risks and safeguards that must be followed to avoid data breaches and hacks. Your third party collection agency is an extension of your own organizations policies and procedures, which includes security postures and controls.
Here are some great questions to keep in mind when choosing a secure third party collection agency:
- Does your third party collection agency conduct security audits?
- Does your collection agency transmit credit card payments and other highly sensitive customer financial documentation thru a secured environments? If so, what is the encryption level?
- Does your third party have an IMP in place?
- What safeguards are in place to protect data processing system outages?
- Where is the documentation housed at your third party site? Is it in 1980’s style physical file cabinets that sit at their office open to risk?
- What is the patch management for your collection agencies infrastructure?
- Are OWASP scans done regularly and can your third party collection agency provide these results? Do the scans track vulnerability and security hot spots?
Here at Global Hawk Resources, we have taken the steps necessary to properly secure all data being housed and transmitted to the outside world.
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