Vendor Risk Management Insights

The Playbook for Managing Third-Party Security Risk

Posted by RiskRecon on Mar 21, 2018 12:02:49 PM

Get our All-New Playbook reflecting real life data from executives of 30 companies that offers a window into how organizations are confronting persistent breach risks stemming from third parties.

We are excited to announce the release of our inaugural Third-Party Security Risk Management Playbook. An inside look at how real companies are managing third party cyber risk. To get this important information we have conducted in-depth interviews with security executives from 30 participating organizations across multiple industries. The Playbook reveals how companies are managing the security risks of their complex digital supply chains and sensitive business partnerships.  Our study identified 14 vendor-neutral capability sets comprising 72 common, emerging, and pioneering practices that firms have implemented to manage third-party security risk. As a study of real-world third-party risk management programs, the Playbook is a valuable tool executives can use to benchmark their own programs and gain insight into pioneering practices other firms are adopting.

 

Read More

Topics: risk exposures, risk transparency, Vendor Risk Management, 3rd party risk management, risk measurements, Whitepaper, Vendor Security, 3PRM, Third Party Risk

Why Third-Party Security Risk Matters

Posted by RiskRecon on Mar 8, 2018 3:10:08 PM

Big Impact
Enterprises entrust the protection of their crown jewels—their customer data, their reputation, their finances, and their business availability—with third parties. Are they trustworthy? Why? Why not? What should be done about it? These questions are yours to answer and execute on. A breach of your third-party is a breach of your enterprise.

Big Challenges
Third-party risk management is hard. It requires deep transparency, strong accountability, and effective collaboration. Third-party risk has to achieve this position with hundreds and even thousands of organizations while being an outsider to every organization. Additionally, third-party risk has to solve this with limited personnel and resources. This need—to achieve really good risk outcomes from the outside with limited resources —will result in dramatic risk management innovation, key of which will be development of machine learning and artificial intelligence-based risk assessment capabilities. These inventions will occur within the context of third-party risk management and be adopted by enterprises for internal risk management. Necessity is the mother of invention, and the necessity is pressing in a big way.

The Greater Good
Third-party risk management is a process of holding enterprises accountable to good security practices. As you improve the security of your third parties you improve the security of the Internet. It decreases the likelihood of data being breached. It decreases the likelihood of systems being turned into DDOS drones or malware servers. It increases the likelihood that systems are going to be consistently available to fulfill their intended purposes. The work of third-party risk management is work for the greater good.

Read More

Topics: Continuous Monitoring, 3rd party risk management, Security Ratings, Vendor Security, 3PRM, Third Party Risk

New Call-to-action

Subscribe to Email Updates

Recent Posts