Understand third-party cyber risks
Third-party cyber risk can come from various sources, including suppliers, service providers, contractors, and even cloud service providers. The threat actors can access these third parties through inadequate security measures, vulnerabilities in the third-party software, or negligent employee practices. With this in mind, below are some steps organizations can take to mitigate third-party risks.
Create a vendor risk management program. Organizations should create a strong vendor risk management program to consistently assess, monitor, and manage third-party cyber risks. The VRM program should include regular risk assessments, audits, and continuous monitoring of third-party activities. In addition, contractual or partnership agreements should clearly outline security expectations, incident response protocols, and consequences for non-compliance.
Perform risk assessment and due diligence. Organizations should regularly conduct risk assessments and due diligence before entering partnerships or collaborations. Performing a thorough assessment of a potential third-party vendor’s cybersecurity practices and protocols includes reviewing…
