The Achilles heel of any cybersecurity program is the organization’s third-party vendors and suppliers. Why? Because while it is a complicated enough task to manage your own organization’s cybersecurity posture, it’s an entirely different proposition altogether to ensure that a supplier’s security vulnerabilities don’t become your company’s security vulnerabilities also.
That’s where third-party risk management (TPRM) comes in. TPRM is the discipline of managing to an acceptable level the cybersecurity, operational, and compliance risks introduced by doing business with vendors, suppliers, or other business partners.
As organizations realize they need more structure and process around their TPRM programs to address a growing number of third-party cyber security risks, they often ask: Where do we begin? How do we look at risk? What are the critical capabilities in a solution that can help us achieve our objectives? TAG Cyber, a leading industry analyst firm, has answered these questions in their new report, Risk-Based Management of Third-Party Cybersecurity Exposures.
Risk-Based Management of Third-Party Cybersecurity Exposures
This TAG Cyber report shares best practices for strengthening your third-party cyber risk management program.
The report, authored by Dr. Edward Amoroso, introduces a foundational risk framework that considers assessment areas such as software vulnerabilities, compliance, fraud, risk responsibility, international requirements, and complexity. It goes on to identify the probability and consequence of occurrence of each of these cyber risk areas, resulting in a model for third-party security.
The TAG Cyber report then identifies required capabilities to assess cyber risk in each area noted above at every stage of the vendor lifecycle where those risks are exposed. Finally, the report discusses specific Prevalent solution capabilities that match up with the foundational risk model and that reduce the likelihood and consequence of a third-party data breach.
The analyst report finishes by recommending an action plan for enterprise buyers and critical questions to ask potential TPRM solution vendors to determine if they align with the TAG Cyber risk model.
For a complete view of the risk framework, required capabilities, critical questions, and how Prevalent can help, download the paper today.
For more on how Prevalent can help your organization define and build an adaptable, agile TPRM program from the start, request a demo today.