What is cyber security risk?

Cybersecurity risks relate to the loss of confidentiality, integrity, or availability of information, data, or information (or control) systems and reflect the potential adverse impacts to organizational operations (i.e., mission, functions, image, or reputation) and assets, individuals, other organizations, and the Nation. (Definition based on ISO Guide 73 [6] and NIST SP 800-60 Vol. 1 Rev. 1 [7])

What is cyber security risk management?

Cyber risk management is a service designed to enable organisations to identify, manage and mitigate the risk and impact of cyberattacks. De-Risk's cyber security services are designed to help organisations protect, detect and respond to cyber incidents. Implement a security program and close the gaps to stay compliant with local Cybersecurity Center and regulatory requirements.

What if we don't have a security team?

De-Risk Cybersecurity Consultancy can provide the security advice, help build a program, decide on tools and technology and be the virtual CISO or help you build an internal security function in-house.

What is Incident Response?

The incident response cycle is a process organisations follow to respond to security incidents, and continuously improve their incident management process. The process includes: Proactive preparation for security incidents. Detection and analysis of a possible security incident. De-Risk Cybersecurity Consultancy can help with producing the Cyber Incident Response Plan and Procedure and integrating with or developing a Crisis Management team.

Why is cyber security risk management so important?

Online threats to organizations are evolving all the time. Whether it is malware, phishing or ransomware, companies are at significant financial and reputational risk if they fail to proactively manage and mitigate potential vulnerabilities, or do not address the impact of attacks or breaches as soon as they occur. Cyber security Risk Management enables organisations to take targeted, measurable action to defend themselves against some of the biggest risks. An effective, transparent cyber security approach is also increasingly in demand by C-Suite, stakeholders and potential investors.

Third Party Risk - Cybersecurity Consultancy and Training

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

Cyber Attacks

Third parties are often the favoured vector for cyber attacks today. Attackers infiltrate supply-chain links, silently infecting their systems and devices.

Compliance

This type of risk is often created by a third-party security control failure resulting in data loss, which in turn results in a data privacy violation

Financial

Financial risk involves a third-party action damaging the financial standing of an organisation. This damage can come in the form of substandard vendor or lack of security controls.

Operational

Operational risk is created by the possibility of a third-party action that causes an operational shutdown. A vendor falling victim to a network hack or natural disaster

Reputational

Reputational risk is created by negative public opinion originating from publicised security breaches, legal violations, or failure to invest in the security of your business and your customers.

Strategic

Strategic risk involves the problems created when third-party and organisational business strategies and security policies aren’t in alignment.

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.

FAQs

What is a third party?

An outside entity, including non-profit groups and vendors, service providers, suppliers etc, can be classified as a third party.

Why is managing third-party risk important?

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.

Who is accountable for managing third-party risk?

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.

How can we automate Third Party Risk

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.

Third Party Risk

Third Party Risk

Third Party Risks

Cyber Attacks

Compliance

Financial

Operational

Reputational

Strategic

How to Manage Third Party Risk?

Perform Due Diligence

Automate the Process

FAQs

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