Risk Management
AI-Driven Security Automation Platform offering a Seamless Bridge between Risk, Security, and Business Data.
Which of Your Databases is open to the Web
Which of Your Assets are Accessible from the Web
Which of Your Cloud Assets expose Sensitive Data
Which one of Your Suppliers Requires Attention
Adaptive Cyber-Risk Management Platform
Piloting your organization's security and risk is a hard job. We've been in that spot for many years and we feel your pain. Management is demanding, your peers aren't always cooperative, threats keep evolving and at times it feels like no one is listening to you.
What Is Third-Party Risk Management?
Third-party risk management is the process of identifying, assessing, and controlling risks associated with an organization’s interactions with third parties. This includes evaluating the potential risks posed by vendors or other external organizations that provide services to your company. It also involves establishing procedures for monitoring those relationships and ensuring compliance as needed.
The purpose of third-party risk management is to protect an organization from any operational, financial, legal, or reputational harm it may be exposed to as a result of its interactions with external entities such as legal and accounting firms, technology and IT service provides, equipment suppliers, and other service providers. It's thought that by implementing proper third-party risk management procedures, businesses can proactively identify, assess, and mitigate risks that would cost them or their customers down the line.
Why Is Third-Party Risk Management Necessary?
The concept of third-party risk management lacks meaning to some business people as it is often viewed as an administrative responsibility. However, the reality is that these risks are real and can have significant impacts on a business’s bottom line if not properly managed.
Years of data show the true extent of this exposure. For example, nearly all of the firms (98%) surveyed in SecurityScorecard’s 2023 Research Report on the matter have had at least one third-party partner suffer a breach in the past two years.
There's no doubt about the fact that the problem is prominent. Meanwhile, the implications are numerous and far-reaching.
How Third-Party Risk Management Works
Third-party risk management is a multifaceted process that involves a lot more than simply 'being diligent' when selecting and establishing relationships with external vendors. Cyber threats can affect any part of the supply chain, whether you have control over it or not. You just don't know what you don't know!
Risk Identification
Identifying potential risks involves assessing the scope and purpose of your relationship with external vendors. You need to understand how they fit into the grand scheme of your company’s operations, as well as assess their level of control over any sensitive data or systems. Consider administering cyber security questioners, cyber assessment surveys, and Red Team simulations to gauge where things currently stand..
Risk Mitigation
Once the risks associated with third-party vendors have been identified, they must be managed or mitigated through a variety of processes and procedures. This could include reviewing existing contracts to ensure that liabilities are appropriately allocated, setting up adequate security controls such as encryption and authentication protocols, or conducting regular vendor assessments and audits. It's also critical to have a plan in place for responding to any data security incidents that may arise from the use of third-party vendors.
Ongoing Risk Monitoring
Third-party risk management is an ongoing process, and organizations should ensure that their risk management framework is up to date with the latest industry best practices. It's important to keep track of changes in technology, regulations, and vendor relationships in order to stay ahead of potential risks.
Regularly review vendors' performance with regard to their contractual obligations, data security practices, and other key metrics to ensure that they are meeting your organization’s expectations. If any issues arise, they must be addressed in a timely manner. Don't be afraid to pull the plug if it's necessary!
“Every CiSO needs the ability to see how his organization looks from the POV of the attacker. With Resacna’s technology you can get this view within a few clicks. By connecting your third party assets and see the organization from an attacks’ POV”