Top 5 Ways to Ensure Data Security With Vendor Management Systems

Modernizing technology is a boon that brings along the curse of growing security threats. A wrong email attachment, a misplaced mobile phone, or a clever phishing ploy is all that is needed to perform a data theft. In the year 2020, data exposures affected the lives of 115.8 million Americans.

Be it financially motivated or to misuse the data, data breaches have been affecting even the largest companies. Yahoo ended up paying up a $117,500,000 settlement claim for one of the largest causes of a data breach in US history which affected the lives of 3 billion people.

It is estimated that companies in the US will spend $1.75 trillion between 2021-2025 on their data security. In times like these, it is understandable for any company to be worried about data theft or sensing a loss of information. Thankfully, the solution to this complicated issue is simple: Vendor Management Solution.

Here are the top 5 ways of ensuring data security with the VMS platform if you are wondering how an automated system for contingent workforce management can reduce security threats:

1: Cloud-based:

It is usual to see people searching high and low for a file saved on-device. Cloud technology uses a server to store all your data over the internet. So now, you can store everything you need at the same place and access it anywhere and anytime you want. VMS is a cloud-based system that allows you to store all of your data online and access it simply through the internet.

2: Password protected:

Like any password-protected portal, VMS requires a login secured with a key that is distinct for every user. This helps in keeping the data of every individual confidential.

3: Single login:

You can manage all your vendors with a single login. This gives you the power to analyze their performance, carry out the recruitment process of candidates, initiate onboarding, off-boarding, performance improvement, and many other plans.

4: Avert risk of losing PII:

Personally Identifiable Information is any information or data that can be used to identify you. It can be anything from a passport to a credit card number. Every company possesses these records of its vendors. Losing them can cause serious personal and financial threats to an individual and the company. VMS offers a solution to this problem by creating a demilitarized zone(DMZ). It keeps the external network like the internet separate from the company’s internal network. Communication through both networks is easy in the zone, but access to the internal network is strictly controlled.

5: Selective access:

With this feature of a VMS, you can customize the amount of access you wish to provide to a particular user depending on their role. This helps build a strong wall between vendors of different levels within the system for the kind of sensitive information they can access.

Takeaway:

We bind our product with a great customer success package that ensures not just technical security but mental peace.

Click the demo button now for prime experience of VMS platform.

Request Demo