3rd Party Risk Management; Many organizations have been talking about the third-party risk management for years and it is becoming more complex every day and attracting a lot of attention from the regulators. Most organizations have direct and/or indirect spendings on multiple vendors across the globe that make risk management more complex due to dealing with larger scope surface.
3rd Party Risk Management
It is extremely vital to protect company assets from any sort of threats. Organizations use variety of security tools (IPS, IDS, Firewalls, etc.) to stay protected from outside danger. Today, organizations share confidential and critical information with their suppliers and vendors. With that being said, organizations must ensure that vendors take cyber security as serious as they do.
According to data breach report from Verizon, in 2016 states that third party compromises were one of the leading cause of the data breaches. Even though, we fully trust our vendors, it’s on us to ensure that the vendors have the necessary security controls in place and not take any chances.
In a traditional way, most companies use risk assessment questionnaires to assess the third-party risks. However, protection of organizational assets requires continuous monitoring and auditing.
We at NormShield, provide Cyber Risk Scorecards that allow you to monitor and manage your third party cyber risks continuously. NormShield provides historical data that allows you to track any changes made to the cyber scorecard. NormShield uses what is called open-source intelligence (OSINT) to gather information and generates the scorecard without scanning or modifying any of the company’s business assets.
Please visit our Products page for more details: Comprehensive Cyber Risk Scorecard