Posted on Apr 10, 2018
A crucial, but often overlooked, part of the vendor relationship is cyber security. Expanding networks and partnerships boosts the economy, but a disrupted network can do the complete opposite. So how can a business manage third-party risks?
Managing supplier and third-party risk helps mitigate undue risk and excessive costs associated with cyber risks. Vendor policy management starts at the very beginning of the relationship by making sure that businesses and management build security as a fundamental pillar in having a healthy relationship. While this seems like common sense, the Ponemon Institute Tone at the Top and Third Party Risk study reported that 49 percent of respondents had no security risk evaluation of vendors. Neglecting this basic step can result in high priced breaches.
Establishing a solid, secure foundation in a business-to-vendor relationship requires:insight into how third-party business partners manage their cybersecurity and what level and type of access the vendor has to customer data. Vendor policy management programs can help ensure that both businesses and vendors mitigate risk and protect corporate assets data. A vendor policy management program enables companies to:
Establishing a successful and secure business and third-party vendor relationship is an initial effort, but maintaining that security requires continuous and informed monitoring.
With hackers finding new ways to attack third-parties in hopes of infecting a larger organization, the third-party ecosystem is more fragile than ever before.
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With cyber crime-related costs to hit $6 trillion annually by 2021 and continued high-profile breaches in news headlines, more and more organizations fear that one cyber-attack could suddenly put a stop to growth and profitability. Understanding breach likelihood is, of course, a critical element of successfully blocking attacks and ensuring business continuity.