featured image How to Manage Third-Party Risk in a World of Breaches

How to Manage Third-Party Risk in a World of Breaches

 Customer trust is essential to every organization. Unfortunately, third-party breaches are common these days, as the statistics also suggest the same. It is very common for cybercriminals to steal sensitive data from third-party vendors and put it to use to cause loss of money and reputation to the organization. Therefore, you must opt for improved risk management strategies and robust practices against system breaches to manage third-party risk efficiently.

As these third-party risks are increasing day by day due to less transparency in the system and indirect security control, it is the need of the hour to work on these serious risks having the potential of posing long-term harm to the organization’s reputation directly. 

Every vendor largely impacts your overall security. Therefore, there is an urgent need to manage risk effectively and keep the incoming vendors’ operations smooth. So let’s dive in quickly and understand the same for better results:  

Careful vendor process of selection: 

It is very important to carefully select the vendors as they will have access to all the important information related to the users. In this case, you must measure the cyber security risk associated with it. Unfortunately, many organizations do not adequately go through the vendor selection process and pose the consequences at a later stage. Several organizations have adopted a very important measure of assigning security ratings by preparing compulsory penetration tests and series of questions to understand the external security offered by the vendors. In addition, there are certain websites available online that can access the risk related to cyber security and breaches for you in an understandable manner.

Managing the risk through special certificates: 

Another method to keep the security in check is to use the special certificate that will help you avoid all the third-party risks that can cause harm to the image of your organization. SSL certificate is one such alternative that has been used widely to guard sensitive data and keep the customer trust intact. SSL certs are available in varying kinds and encryption levels. Choosing the right one that suits your unique needs best is important. If you need to secure multiple domains and subdomains at different levels, investing in a multi domain SSL cert is recommended. Multi-domain SSL certs provide premium security to up to 250 FQDNs under an umbrella certificate at affordable prices. They’re highly compatible to meet the needs of different organizations and provide encryption as per the unique needs of the same.

Security Risk Management Strategy: 

The vendor contract must include a proper vendor risk management strategy that will help protect the data in every form. In this way, the vendor will be responsible for the security state at a particular time. Apart from this, a series of questions must be additionally designed to check the position of security offered by the vendor from time to time. This is an important step to access the external security as offered by the vendor. Such strategies help in reducing the number of breaches and strengthen the overall security of the organization.

An all-time ready list of vendors and timely monitoring: 

To correctly determine the risk associated with third-party vendors, you must keep the list of third-party relationships ready at all points of time. As the level of risk introduced by the third-party vendors is too high and very few vendors perform the risk assessment and handle the sensitive data correctly, you need to take measures for better security.  

There are platforms available for instant vendor search that help you keep a check on all the vendors associated with your organization. The security coverage offered by the vendor may change over time, and that is why it is very important to continuously monitor the level of security offered by them. The organizations should not rely on the point in time assessment but rather go for continuous audits to assess the security’s actual position.

Cancel relationships with not-so-trustworthy vendors: 

It is expected from all the third-party vendors to maintain certain standards while working with an organization. If a vendor fails to serve the promise, the organization should take a step to protect the security. It is important to talk about the cyber security risks associated with the vendors to give them an insight into the improvement areas. It seems that most of the organizations easily onboard third-party vendors but struggle a lot in offboarding them. To assess the sequence of a risk factor posed by different vendors, certain platforms are available in the market that shows a particular vendor’s level of security.

Providing minimum privilege to the third party: 

Every organization should ensure that the third party has limited access to carry out the operations. Managing third-Party risk involves determining the distribution of power of access thoughtfully among the parties responsible for carrying out major operations. The access must be provided according to the principle of least privilege followed by top-notch organizations to ensure proper security systems and control.

CONCLUSION:

To keep things operational, you must keep your security in check and identify all the data leaks in time. Along with this, it is important to monitor all the third parties involved in an organization continuously. Amidst the myriad of operations, keep your security in check and identify all the data leaks in time. Along with this, it is important to monitor all the third parties involved in an organization continuously. Amidst the organization’s mighty yard of operations, security should occupy the top, please.

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