More than half of data breaches involve a third party. The vast majority of business processes involve third party IT services, software, network connectivity or data sharing with external partners.
An IT security incident anywhere in this ecosystem can quickly spread resulting in financial loss for your organization.
Enterprises have come to rely on large ecosystems of third parties to expand their capabilities while remaining agile. An IT security incident anywhere in this ecosystem can quickly spread resulting in financial loss for your organization.
All major IT security standards, best practises and regulations require third party cyber risk management. A non-exhaustive list of these are - ISO27001, CIS Controls v8, NIST CSF, GDPR, CCPA, and Regional financial authorities.
Another key aspect to 3rd party risk is the importance of being able to demonstrate to your customers that you are a trusted 3rd party, and you have the appropriate controls and cyber hygiene in place.
Despite the importance of having an effective 3rd party cyber risk program many organizations and the majority of medium size businesses struggle to address this area. The difficulty arises from need to collaborate across multiple internal and external stakeholders with a scalable process.
C-Risk provides a modular suite of third-party cyber risk management solutions. In our experience there are four parts to a successful program :
Definition of a policy and process aligned to your business model and size.
Implementation of an inventory of third parties and most importantly identification of the risk scenarios each 3rd party represents.
Requesting 3rd parties demonstrate certain controls are in place via assessments.
Ongoing management and monitoring of 3rd parties associated with probable future financial loss.
Supply Chain Risk management does not have a one size fits all solution, we take the time with each of our clients to identify the optimal approach for their situation. We use our C-Risk FAIR based library of 3rd party risk scenarios and associated controls to streamline steps 2 and 3.
We make use of a number of automated tools to track inventory, reuse existing assessments or 3rd party certifications and provide ongoing monitoring of 3rd parties
Whether you are in procurement, legal, information security, risk management or IT schedule a meeting with one of our supply chain cyber risk experts to discuss how you can improve your existing program or initiate a 3rd party cyber risk management project.Schedule a meeting
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