Third-Party Risk Management Rules You Must Maintain

The threat landscape is increasing at an alarming rate in the last few years. With talent scarcity, poor resource allocation, and misaligned best practices, you cannot defend your business with outdated security protocols and vendor slippages. If any of your users give in, threat actors can easily access your database. What should you do to prevent phishing, malware infestation, social engineering threats, data breaches, and ransomware? Matt Kapko shares how you can maintain third-party risk management without upsetting your company’s reputation.

Third-Party Risk Management Tips

Pay Attention to Non-Crucial Business Areas As Well

“Look for absolutely the least obvious things you can imagine,” Curtis Franklin, senior analyst at Omdia, insists. You might think your database is safe if you take care of the critical infrastructure. However, threat actors can come through any weak network.

In 2013, cyber attackers accessed Target through its temperature controlling system. That led to the retailer’s losing data of 40 million credit and debit cards and 70 million customer information.

Two-factor authentication across all company accesses can help upkeep third-party risk management, explains Alla Valente, senior analyst at Forrester.

Detect and Secure All Data Access Points to Boost Third-Party Risk Management

Instead of focusing on systems associated with IT only, have a data-centric third-party risk management system. You might be surprised to learn that some departments unknowingly have access to critical data of other departments.

Get rid of the extra tools that your third-party vendors have access to. Digital Shadows CISO and VP of strategy Rick Holland suggests. He further opines that enterprise must not invest any further in point solutions.

Additionally, conduct a detail checkup on software bills of materials and implement penetration tests to find loopholes. Valente hopes that companies learn from the mistakes of others to strengthen their third-party management applications and relationships.

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