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From the Cybersecurity News Desk

Don’t Take the Chance! Address Third-Party Security Risks Before It’s Too Late

The capabilities of using a third-party vendor can increase internal production and relieve stress in an organization. Because of the pandemic, more companies are seeking out third-party resources.  It has become abundantly clear that many of those companies don’t take proper precautions to manage security in conjunction with their third-party choices. Hiring third parties can make doing business more manageable but can also dramatically affect overall cybersecurity. Third-party risk management is a must to avoid debilitating cyberattacks.

Suggested Actions

  • Identify the scope of your third parties and determine potential risks.
  • Work with the third-party organization to identify low-risk and high-risk engagements. Determined what mitigating tasks they are willing to take on.
  • Set a standard of procedure for these risk scenarios that should be followed in order to avoid being compromised.
  • Finally, document everything so that everyone can keep track of the policies put in place.

Consider requiring an external assessment of the third party’s course of action and cybersecurity readiness. Do they access, store or process sensitive or customer data? Do they access the enterprise’s technology network – virtually or physically? If the answer is yes to either of these questions, an assessment will be beneficial in determining if security policies are actually implemented and done so correctly.

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