Third Party Risk Management

Quantifying Third Party Cyber Risk

Quantifying Third Party Cyber Risk In today's digital age, quantifying third party cyber risk is critical. Organisations of all sizes rely on third parties to provide a variety of services. From cloud computing and data storage to payment processing and customer support. While these partnerships can bring significant benefits, they also introduce cyber risk to an organisation. A data breach or cyber attack that targets one of your third parties can expose sensitive data or disrupt business operations. Leading to reputational damage, financial losses, and regulatory penalties. Therefore, it is crucial for organisations to effectively quantify and manage third party cyber risk. What is third party cyber risk? Third party cyber risk refers to the potential vulnerabilities and threats that arise from an organisation's use of external service providers and partners. These risks can come in various forms, including: Data breaches Unauthorised access to systems Ransomware attacks, and Supply chain

By |2023-03-30T17:09:13+00:00January 30th, 2023|Blog|Comments Off on Quantifying Third Party Cyber Risk
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Creating a WHOIS Template to Register Domains

Creating a WHOIS Template to Register Domains When a domain name is registered, ICANN requires that personal information including your full name, address, phone number, and email address be provided. This information is then made visible to the public via a WHOIS lookup. In fact, it's available to everyone including marketers, spammers, and even identity thieves. Do you want to find out more about the WHOIS database, how to correct register a domain for business purposes so it is instantly reconisable and how not to expose your personal data while doing so? Perhaps you are wondering what measures should be taken to ensure your organisation's privacy on WHOIS? To discover answers to these questions, carry on reading this handy guide on "creating a WHOIS template to register domains." Introduction If you’ve ever registered a domain, you’ve probably felt a pang of anxiety about having to enter your address, phone number,

By |2023-03-30T17:09:13+00:00January 25th, 2023|Blog|Comments Off on Creating a WHOIS Template to Register Domains
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Why It Is Important to Assess and Monitor Third Party Risk

Why It Is Important to Assess and Monitor Third Party Risk The handling of risks associated with third parties is essential to avoiding numerous problems. Failing to assess these risks can open up an organisation to supply chain attacks, data breaches and cause reputational damage. Due to these factors, governments around the world are enforcing regulations in order for organisations to properly monitor and control vendor risk. This includes keeping track of both sub-contracting and on-sourcing arrangements (fourth-party risk). Read on to learn more about why it is important to assess and monitor third party risk. It is increasingly becoming more and more important to assess and monitor third party risk. This is in part because the creation, delivery or support of products and services may involve collaboration with external parties where data and/or network access with a third party may be shared.  This poses new and significant reputational, commercial

By |2023-03-30T17:09:13+00:00January 3rd, 2023|Blog|Comments Off on Why It Is Important to Assess and Monitor Third Party Risk
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4 Ways to Use Security Ratings Tools to Automate Risk Assessments

4 Ways to Use Security Ratings Tools to Automate Risk Assessments Your organisation is at risk of being attacked by cyber criminals. It's just a fact of life in this digital age. But how great is the risk you're facing and what can you do to mitigate it? Security ratings tools are an essential part of any good cyber risk management strategy. These tools help organisations understand, control and mitigate all forms of cyber risk. They are so vital, in fact, that they stand as critical components of an effective data protection and risk management strategy. With more and more businesses relying on digital systems for day-to-day operations, the potential for new vulnerabilities also grows — which means greater risks for everyone involved. Here are "4 ways to use security ratings tools to automate risk assessments" which will enable the minimisation of your cyber security risks. Introduction The way that

By |2023-03-30T17:09:14+00:00October 12th, 2022|Blog|Comments Off on 4 Ways to Use Security Ratings Tools to Automate Risk Assessments
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3 Steps to Holistic Third-Party Risk Management

3 Steps to Holistic Third-Party Risk Management As businesses increasingly rely on third-party organisations to provide goods and services, it's important for CISOs and risk teams to understand the potential risks involved. If data sharing or interaction with customer data is required, the organisation's exposure to risk can significantly increase. By keeping a close eye on third-party activity, CISOs can help protect their company's data and reputation. Here are 3 steps to holistic third-party risk management. Definition Third-party risk management (TPRM) is a newer term that describes vendor risk management, vendor management, supply chain risk management or supplier risk management. TPRM is a focused subset of enterprise risk management that identifies and reduces risks when third parties are leveraged to perform specific tasks. These entities include vendors, suppliers, partners, contractors, and service providers. TPRM is all about understanding, monitoring and managing the risks that come from interacting with external organisations.

By |2023-03-30T17:09:14+00:00October 4th, 2022|Blog|Comments Off on 3 Steps to Holistic Third-Party Risk Management
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How Do You Determine the Risk Impact of a Vendor?

How Do You Determine the Risk Impact of a Vendor? Vendor risk assessment is an important part of business management. Vendor relationships can deliver value, but they also have risks. A vendor risk assessment is an important step when evaluating the risks your business may be taking with third-party vendors. Such a risk assessment can be about determining the risks your company is exposed to by a vendor’s products and services, or about the vendor potentially mishandling sensitive customer data or even interacting with customers. It’s important for a company to perform due diligence questionnaires and conduct third-party risk assessments when onboarding a new vendor. It’s also important for an organisation to continue performing periodic vendor risk assessments to assure its vendors are maintaining quality standards and don’t introduce any unexpected risks. This article will walk you through what the different types of vendors are and the risks associated with them. You’ll

By |2023-03-30T17:09:15+00:00March 31st, 2022|Blog|Comments Off on How Do You Determine the Risk Impact of a Vendor?
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The Business Case for Risk Quantification for Third Parties

The Business Case for Risk Quantification for Third Parties With so many technologies out there, companies need to be smart with how they invest. When it comes to cyber security, if you're not investing in it, you're risking your own success. Cyber security requires monetary investment and attention to implementation due to the new data privacy regulations, ballooning risk registers, and an increased frequency of security breaches. Although the field of cyber security is saturated with risks, businesses are often forced to make difficult choices when it comes to security. Quantification of risk can help assess the value of a project using statistical modelling of risk and expected loss. This common framework ranks all prioritised decisions based on their financial value, making risk management more manageable. Here we make the business case for risk quantification for third parties. Why are Cyber Security Breaches so Damaging? It's a harsh reality –

By |2023-03-30T17:09:15+00:00March 3rd, 2022|Blog|Comments Off on The Business Case for Risk Quantification for Third Parties
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Post-Pandemic Technology & Cyber Security Trends in Banking – Part 2

Post-Pandemic Technology & Cyber Security Trends in Banking – Part 2 In this second part of our review of key cyber and security-related technology trends in banking in the post-pandemic world, we look at the top cyber threats targeting banking and financial services organisations in 2021. We also look at some of the emerging cyber technologies being adopted and considered by banking and financial services organisations around the world. Over the last decade, cyber attacks have become an ever-growing threat for banks. Technology has advanced rapidly and threat actors have learned that banks are a lucrative target. Threat actors have evolved their techniques to make it difficult for any company to fend off the attacks. Cybersecurity is not an issue limited to industries involving technology only. It holds a critical value in banking since banks make millions of transactions each day, most of which are done on digital payment platforms. Without

By |2023-03-30T17:09:33+00:00June 30th, 2021|Blog|Comments Off on Post-Pandemic Technology & Cyber Security Trends in Banking – Part 2
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Post-Pandemic Technology & Cyber Security Trends in Banking – Part 1

Post-Pandemic Technology & Cyber Security Trends in Banking - Part 1 The banking sector is in the midst of a digital transformation that is causing its attack surface to grow, exposing organisations to increased levels of cyber threat activity. As more organisations adopt digital banking solutions, having effective cybersecurity programs has become more important than ever before for the banking industry. In this article we explore the post-pandemic technology and cyber security trends in banking.   Elasticito was recently approached by a financial services firm to provide some analysis on new technology and cyber trends within the banking and financial services industry.  A summary of our findings make up this blog post, but one common theme that we observed was that, despite the pandemic, the unstoppable momentum of digital transformation is causing a huge impact in the way that banking services are and will be delivered to customers over the

By |2023-03-30T17:09:33+00:00June 23rd, 2021|Blog|Comments Off on Post-Pandemic Technology & Cyber Security Trends in Banking – Part 1
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Security Assessment Questionnaire Response Automation

Making the case for Security Assessment Questionnaire Response Automation Business partnerships require trust – without it, success is very difficult to attain. In the current business landscape, however, it's increasingly difficult to tell whether a vendor is trustworthy and deserving of that trust. As information technology becomes more advanced, so do the ways in which trust can be broken. Today, the potential for intentional or unintentional breakage of it has increased multifold. Assessing security risk with questionnaires is one method to effectively understand the security risk that a vendor may pose to the business, particularly if you entrust them with your data. If you are reading this article, you’ve more than likely handled your fair share of security assessment questionnaires. Like us, you are probably frustrated by the entire process too. We would like to make the case for automated security questionnaires in the article below. The traditional approach to

By |2023-03-30T17:09:33+00:00May 25th, 2021|Blog|Comments Off on Security Assessment Questionnaire Response Automation
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