Third Party Risk Management


Download White Paper đź•®

Download Solution Brief đź•®

Overview

Enterprises typically use numerous third parties to handle various aspects of their business. Successfully managing these extensive and ongoing information exchanges necessitates well-structured vendor management processes that prioritize addressing potential cyber vulnerabilities they may introduce to the organization.

HolistiCyber offers comprehensive third-party risk management services and a robust methodology. We aim to assist you in evaluating the cyber risks associated with your critical vendors and establishing an effective cybersecurity vendor management policy. This policy can seamlessly integrate into your existing policies and processes, ensuring a cohesive and secure approach to vendor relationships.

What is Third Party Risk Management?

In Third Party Risk Management, we first focus on identifying and assessing your third-party partners. We aim to quickly enable you to develop a program that effectively mitigates risks associated with these services and partnerships. This is an ongoing process as new vendors are integrated into your environment. We are here to increase efficiency and support you every step of the way on this evolving journey.

Third-Party Risk exists in every enterprise corner, extending from mission-critical vendors to the smallest plugins on your company website. Organizations must establish robust third-party risk management programs to mitigate these risks effectively.

Speak to an expert about our services:

What Does TPRM Cover?

These programs encompass several key components, including thorough due diligence in the vendor or service provider selection process, contractual agreements that clearly outline security and compliance expectations, regular assessments of third-party security practices, and continual monitoring of their performance. Proactively managing third-party risks enables organizations to minimize the potential adverse effects on their operations, data security, and overall business objectives.

Our Methodology

We perform our services using our Offensive Framework Methodology – focusing on what an attacker would look for. Our approach to third-party vendor risk assessment is no different. Regardless of the risk aspect you are discussing, there must be a pragmatic, actionable approach to your plan. It is tied to the business drivers and what an attacker would want to gain from your organization.

The Three P's of Third Party Risk Management

Purpose

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?

Plan

What SLAs do we want to abide by? What resources are required for this to be successful? These questions will help make your plan actionable and more than a compliance exercise.

Persistence

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.

What is wrong with current third party risk assessments?

Thanks to many notable large-scale attacks through the supply chain, such as the SolarWinds MSP breach, we as a community are more aware of it than ever. That said, having a more lax approach here is still common. It has become more of a regulatory “check-box” exercise: create a vendor risk form, have the vendor fill it out, rinse and repeat every year. But what value is that giving you? There are many “third party risk assessment solutions” out there – but what they are is a software package that helps automate the vendor assessing process. If you don’t have the proper business context tied into this, it is largely a waste of money. Check out our whitepaper for more information on improving your third party risk management framework.

Your threat landscape includes your vendors’ threat landscape

Third party risk methodologies are diverse, going far beyond your immediate vendors. Risk is an individual organization by organization value and must be tied to the business drivers, including how your third parties are managed.

Many notable supply chain cyber attacks have been orchestrated because that was an effective way for the attacker to penetrate the organization. A large financial organization will be much more difficult to break into than one of the smaller vendors they utilize that don’t have a massive security team. The same applies to healthcare, utilities, or any other industry.

Check out our webinar on the right about the individual/singular side of third party vendor risk and how the attacker’s mindset can help reduce your risk register.

The solution includes

Assessment of current cybersecurity third party risk management policy and threat map

Crafting an updated cybersecurity third party risk management policy and managing the integrations needed for the organization to be ready to implement the new policy

Support with new third party onboarding

Ongoing reporting, follow-up on changing third-party-associated risk levels, and fine-tuning as needed

Related Services

Ready to discuss your cyber defense needs?

We use cookies to provide the services and features offered on our website, and to improve our user experience.