When sensitive information is involved in a transaction, both parties must collaborate effectively to protect their business interests. The right collaboration tools and platforms can be used to protect intellectual property, ward off cyber attacks, and assist in the speedy completion of transactions. However, these tools should be monitored and secured in order to minimize the chance of accessing the system without authorization. Secure deal collaboration requires the use of zero-trust security protocols, centralized system for logging and encryption. This will ensure a cohesive defense against a range of risks including ransomware, malware phishing and BEC attacks.
As a CSO it is your duty to monitor the security of the collaboration tool to ensure that all data and assets are secured. It is also crucial to work with your collaboration teams in order to delegate ownership of managing day-to-day collaboration security to them or work together to identify the potential threats and devise mitigation techniques.
According to a research conducted by Mimecast a recent document sharing platforms for secure deal collaboration study showed that employees are more prone to cyber-attacks when they utilize collaboration tools rather than email. The reason for this is that employees are often less vigilant when it comes to confirming the legitimacy of an unfamiliar website or attachment while using a collaborative platform than they would when using email.
Additionally, a third-party flaw that affects a collaboration software can allow hackers access to the entire system and take corporate information. This can cause severe financial damage and even cause an outage like the Colonial Pipeline exploit in 2021 which cut off gasoline supply to a large portion of the US. This is why CISOs must take third-party collaboration software seriously and ensure that they are trustworthy with company data.
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