Mitigate the Risks Associated With Third-party Products and Services

Organizations depend on third-party vendors to optimize business performance and reduce costs. No matter how careful the organizations are, they suffer data breaches that often originate from a trusted third-party vendor.?The result is reputation damage to the organization, downtime of critical systems, and loss of customer trust. There is a need for third-party risk assessment/vendor risk assessment.

A third-party risk assessment can help organizations identify the security risks associated with each vendor. VRA can determine which actions businesses should take to mitigate the risks.

A Guide to Third-party Risk Mitigation

Make a Catalog of Third Parties:

Create a list of all third parties that have access to systems, tools, applications, and data in the organization. Evaluate which of them have access to business-critical information or sensitive data

Third-party Risk Assessment:

Assess every third-party service provider by asking questions related to regulatory compliance, disaster recovery, and data breach mitigation practices.?

Mitigating Third-party Risks:

Evaluate the responses from vendors. These responses help organizations to picture the risks associated with third-party service providers.?

Organizations should continuously monitor the services of third parties. Continuous monitoring helps organizations to detect and mitigate risks related to regulatory compliance, unauthorized access to critical data.?