One Article Review
| Source |  AlienVault Blog |
|---|---|
| Identifiant | 2052533 |
| Date de publication | 2020-11-24 06:01:00 (vue: 2020-11-24 07:05:42) |
| Titre | What is Third-Party Risk Management? |
| Texte | Creating and maintaining relationships with third parties brings about multiple risks. Whether your organization is large or small, it’s almost certain that you have business relationships with many third parties for specific types of operations. When operational data and confidential information are exchanged with third parties, that data and information are vulnerable to misuse and exploitation. This is where risk comes into the equation. When these third parties lack robust cybersecurity measures or compliance, building and maintaining a third-party risk management program is a crucial business decision. The process of Third-Party Risk Management (TPRM) involves identifying, assessing and controlling all the various risks that can develop over the entire lifecycle of your relationships with third parties. TPRM often begins during procurement and should continue until the offboarding process is complete. The big-picture potential risks are numerous, and can be reputational, strategic, managerial, and economical. More specific risks include data compromise, illegal use of information by third parties, the detrimental and damaging effects of non-compliance, and irregularities in supply chain management. TPRM by the numbers Still not convinced about the importance of TPRM? The numbers may change your mind. For example, between 2018 and 2019, security breaches increased by 11%, and 67% since 2014. A 2020 Ponemon Institute report notes that over the past two years, 53% of organizations have experienced at least one third-party-caused data breach, with remediation costs averaging $7.5 million. And here’s what might be the most sobering statistic: According to a recent Osano report that observed the direct relationship between poor privacy practices and data breaches, the average American organization shares data with 730 distinct third-party vendors. Of those organizations hit with data breaches, third parties were responsible for two of every three. When you add COVID-19 to the mix, third-party cybersecurity risk is even more of a concern for legal and compliance leaders. Why is TPRM important? Third-party risk management is a hot topic today. Just think about how the supply chain has changed for almost every organization, especially with the digital transformation in place to meet the needs of a changing workforce. Whether it’s new cloud providers, new hosting providers, vendors or suppliers, there are many new companies with which we interact. Even third parties you’ve done business with for years represent a security risk. Look at the infamous Target breach in 2013 — attackers were successful because an employee for Target’s third-party HVAC vendor opened a phishing email and obtained credentials. In this case, the HVAC vendor had more access to Target’s networks than they needed. TPRM mitigates this risk. Plus, today, almost all compliance requirements outline the need for continuous monitoring of your third-party supply chain. Let’s face it: far too often, businesses decide to take their suppliers’ word for it that yes, they are secure. Perhaps in many cases they are. But with so many vendors rotating in and out of our business, how do you manage access to your network or confidential data? When it comes to TPRM, some common questions that you need to ask are as follows: What type of data are third parties accessing? What type of access? Have you given them physical access? What would happen if the third party’s avai |
| Envoyé | Oui |
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| Tags | Ransomware Threat Guideline |
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