Third Party Risk
Third Party Risk
Third-party risk is the likelihood that your organisation will experience an adverse event (e.g., data breach, operational disruption, reputational damage) when you choose to outsource certain services or use software built by third parties to accomplish certain tasks. Third parties include any separate business or individual providing software, physical goods, or supplies or services. Third parties include software vendors, suppliers, staffing agencies, consultants, and contractors.
Relying on third parties for your business’ successful operation is intrinsically risky. After all, you must trust a separate entity over whose business practices and processes you have no control. If a third party experiences a breach that is an easy way into your business.
We can provide an automated third party risk managment system that will save many hours of work and give you a instant scoring of your third party supplier. The supply chain risk is costing businesses millions as they are often the weakest link and the unknown risk into a companies network.
Third Party Risks
A breach to a third party can have a huge impact on your business with potential reputational damage, non-compliance or signifiant business disruption leading to bankruptcy
How to Manage Third Party Risk?
Perform Due Diligence
Implement a Third Party Risk Management Process
Automate the Process
De-Risk Security Consultancy can provide software to automate this process.
- An outside entity, including non-profit groups and vendors, service providers, suppliers etc, can be classified as a third party.
- It is important to manage third-party risks to make informed risk decisions and comply with regulatory requirements. Failure to adequately manage third-party risk may increase exposure to operational risks, major data loss, financial losses, and significant, and adverse reputational impact.
- The Department/Unit engaging with the third party is accountable for managing the third-party relationship and associated risks. However, all stakeholders such as CISO, Risk & Compliance Privacy and legal teams, perform additional risk assessment activities to assist the team with risk identification and mitigation.
- De-Risk Cybersecurity Consultancy can help with automating the Due Diligence procedure with performing security scoring on your vendors and suppliers. We can integrate this into your company processes.
- Contact us for more information.