Data Security and RMCs
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Data Security and RMCs
In 2023, it is clear that data security and privacy are a crucial part of any business landscape. While there are many choices when selecting software or security options, there are core concepts that are needed across all companies and their vendors. When choosing a Relocation Management Company (RMC), there are four tips to consider in data protection:
- Security updates and maintenance. It is not enough for an RMC to have security in place. They must also be performing regularly scheduled updates and maintenance on their systems to ensure the latest security protections. For transparency, this information should be available upon request from the RMC.
- Employee training. Software and security can only protect a company to a certain extent. It is critical that employees are adequately trained on an ongoing basis regarding data security, privacy, and tactics to prevent scam and phishing attempts.
- Vendor security. When evaluating RMCs, most corporations ensure that the RMC has data security and privacy policies and procedures in place. However, corporations should also consider that data is often passed to supply chain vendors, such as household goods or temporary housing companies. As such, it is important to verify that the RMC holds these vendors to a high level of data security and privacy standards as well.
- Framework compliance and inspections. It is important to have a third-party conduct regular inspections of systems and processes to ensure that framework compliance is met. This can be done through following ISO 27001/27701 and TRUSTe, as well as performing regular check-ins and annual audits.
The average cost of a data breach in the United States was $9.44 million in 2022, while the average cost globally was $4.35 million (IBM). Given the possible impact to a company, it is understandable why data security and privacy are a critical consideration when interacting with their RMC and other suppliers. In addition to evaluating services and fees, companies should review the data protections that an RMC has in place to ensure their organization and transferring employees are protected.