Third Party Risk Assessment Management

by | Apr 13, 2016

Today’s savvy CISO’s understand third party risk assessment. With so many data breaches taking place each year, consumers are understandably upset. This has led to a number of victims launching personal injury lawsuits against the Board of Directors at major corporations where cyber thefts have occurred. When investigating how these thefts took place, often the finger is pointed at third-party vendors.

Vendor Risk Management Programs

Third-party vendors are a crucial part of every corporation’s day-to-day business activities. You will hardly find a big business anywhere in the world that doesn’t rely on third-party vendors for a great deal of their products and services. However, it’s often discovered that these vendors don’t spend much time or money securing their financial data and customer records. Since these vendors are often smaller companies, they simply don’t have the budget to hire and employ the very best IT experts.

This leaves company executives perplexed about how to move forward. While they need the services and products of their third-party vendors in order to do business, directors and managers are fully aware of how important it is that customer data be well protected. Though the massive data breaches of the last few years have had a negative impact, they have also caused procurement officers to acknowledge the risk of doing business with third-party vendors and this should lead to safer protocols.

Security Risk Solutions

Cybernance has developed an effective solution for both directors and third-party vendors. We believe that your security risk management must include every level that could be affected, from the human element to the everyday software programs your company uses. If you’d like to learn more about how to mitigate vendor risk and improve vendor security please contact Cybernance.

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