TPRM: From governance to exposure management
Traditional Third-Party Risk Management (TPRM) was built for a different era. Rooted in periodic assessments, spreadsheets, and static frameworks, it reflects a governance mindset that is woefully insufficient in today’s threat environment. Risk managers often operate on timelines measured in weeks or quarters, while attacks can occur and escalate in seconds.
This disconnect has rendered traditional TPRM inefficient at best, and in many cases, ineffective at all. A recent Ponemon Institute study revealed that only 36% of organizations are confident their TPRM programs can effectively mitigate third-party risks in real time. Bitsight’s Cyber Risk Intelligence Global Survey found that only 1 in 3 enterprises continuously monitor all of their third-party relationships for risk exposure.
While there continues to be this need for compliance management, there is now an additional, and perhaps more pressing imperative, for exposure management, vulnerability assessment and mitigation.
The old approach asked: “Is this vendor compliant with our policies?” Forward-thinking CISOs and security teams are now…
