Organizations work with many third parties for endless aspects of their business. The need to manage so many extensive, ongoing relationships requires structured vendor management processes, which must take into account every cyber-related vulnerability they might create for the organization.
HolistiCyber’s third party risk management services and methodology will help you assess the cyber risks associated with the critical vendors you are working with and build an effective cybersecurity vendor management policy that can be integrated into your existing policies and processes.
Third Party Risk Management involves identifying and assessing your third parties to create a program to reduce risk through them. This is an evolving process as new vendors are brought into your environment.
Understanding the business purpose to create an effective third party risk management plan. What would an attacker be looking for out of my organization? What is the risk appetite I’m willing to take there?
What SLA’s are we wanting to abide to? What resources are required for this to be successful? These types of questions will help make your plan actionable and not just a compliance exercise.
Continually reevaluating your most critical vendors is a large part of the program’s success. Accurate reporting is also required to ensure the continued refining of the program.
Third party risk methodologies go well beyond your immediate vendors. Risk is a personal angle in organizations. It’s all tied to the business drivers, and this includes how your third parties are managed.
There have been many notable supply chain cyber attacks that were orchestrated because that was an effective way in for an attacker. A large financial organization is going to be much more difficult to break into than one of the smaller vendors they utilize who don’t have the massive security team. Same can be said for healthcare, utilities, or any other industry as well.
Check out our webinar on the right talking about the personal side of third party vendor risk and how the attacker’s mindset can help reduce your risk register.
Assessment of current cybersecurity third party risk management policy and threat map
Support with new third party onboarding
Ongoing reporting, follow up on changing third party-associated risk levels, and fine-tuning as needed