How effective is your Third-Party Risk Management?
Corporations increasingly rely on third-party vendors to assist in their business operations, as these providers can lower costs and offer access to expertise. However, many organizations struggle to gain meaningful insight into their third-party provider’s security posture.
Better TPRM is a Necessity
Even if your own company’s information security processes and systems are in place, there is still a risk one of your vendors may not have adequate information security standards for protecting their systems which may result in the exposure of your sensitive information systems.
Most organization’s establish Third-Party Risk Management functions to help assess their vendor’s security posture and limit potential exposure. However, most of these TPRM functions rely on industry-standard questionnaires such as the CAIQ or SIG which are completed by the vendor for evaluation. Because there is no independent validation of the responses for accuracy their usefulness is questionable. In fact, a recent study found one-third of company’s surveyed stated they believed responses vendors provide to TPRM questionnaires.¹
Effective TPRM programs will provide insight into the state of a vendor’s security posture allowing an organization to effectively manage their third-party relationships and providing visibility of risks and performance.
Infina’s TPRM services include
Infina helps organizations better manage their third-party risks by enhance your TPRM program.
Evaluating your third-party risk management program
Developing third-party risk management policies and procedures
Performing third-party risk assessments
Monitoring third-party compliance
Performing third-party security assessment
Assisting with third-party risk mitigation
Sources
https://www.techrepublic.com/article/study-finds-31-of-third-party-vendors-could-cause-significant-damage-to-organizations-if-breached/
https://www.gartner.com/en/legal-compliance/insights/third-party-risk-management