Vendor 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
Read More

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
Read More

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
Read More

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
Read More

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?
Read More

Understanding Cyber Risk Exposure for Vendors in Russia & Ukraine

Understanding Cyber Risk Exposure for Vendors in Russia & Ukraine It was only 60 years ago when the world feared a global nuclear war. Fortunately, we made it through that period. But with geopolitical tensions at an all-time high, the risk of a devastating global cyber war is becoming more and more likely. This is why each of us needs to do our part to reduce cyber risk. Understanding cyber risk exposure for vendors in Russia and Ukraine should be a priority for all businesses with vendors in those countries. Recently, the United States (US)  and other countries imposed sanctions on Russia for its invasion of Ukraine. These sanctions have sparked a considerable amount of concern, especially surrounding the issue of cyber attacks on US organisations and those based in allied countries. These are uncertain times, but many experts predict that the attacks will be wide-ranging. They'll involve ransomware and

By |2023-03-30T17:09:15+00:00March 10th, 2022|Blog|Comments Off on Understanding Cyber Risk Exposure for Vendors in Russia & Ukraine
Read More

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
Read More

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
Read More

Vendor Risk Assessments in 60 Minutes

Vendor Risk Assessments in 60 Minutes When  information security teams are overburdened, evaluating vendor and enterprise risks can quickly consume far too much time and budget. Many organisations rely on a one-size-fits-all assessment, delivering a selection of PDF's, MS Word documents, Excel spreadsheets, and emails linking to a variety of online portals. These assessments are inflexible and time-consuming, allowing for only a limited amount of data to be processed. The review process also ends up frustrating both staff and vendors, the makings of an efficiency nightmare. Assessing vendors for cyber risk is important and necessary, particularly if you share data with an external party, currently taking 4 weeks on average per entity to complete cyber risk assessments. The good news is that it doesn't have to be that way. This article shows how cyber risk assessments can be completed to the same level of detail in as little as 60

By |2023-03-30T17:09:52+00:00March 15th, 2021|Blog|Comments Off on Vendor Risk Assessments in 60 Minutes
Read More

A better way to conduct security assessments?

A better way to conduct security assessments? The vendor security assessment process is too long, inefficient and time consuming.  A much better way to perform vendor security assessments would be to use the body of unbiased content that already exists in most companies: the security policy. Here we show you how. The traditional approach to security assessments In 2020, the global average cost of a data breach was $3.86 million, according to Ponemon’s Cost of a Data Breach Report. The report also notes that should a third party cause the data breach, the cost will increase — by more than $370,000. It is no wonder that in the wake of GDPR and large data breaches, organisations require due diligence from their third party vendors, usually in the form of security questionnaires. A security questionnaire assesses your, a vendor or third party's technology systems, physical security and policies. As illustrated in

By |2023-03-30T17:09:52+00:00February 11th, 2021|Blog|Comments Off on A better way to conduct security assessments?
Read More