Now that you know the importance of Third-Party Risk Management, it’s time to implement a TPRM plan. Cybersecurity only becomes more critical as you begin to grow. As you gain new customers or users, they need to be confident their Personally Identifiable Information or payment details won’t be stolen.
Create Processes Before Signing A Contract
When you implement a TPRM plan, you’ll want to assess every new third-party vendor that you sign a contract with. This process holds hold them accountable to the same level of security you expect of yourself.
Look for previous breaches to their networks (so they don’t share their vulnerabilities with you), learn their process for breach notifications, implement the same response strategy you would expect, and ensure they share the liability for breaches. While your customers won’t care who is liable for stealing credit card information, with the proper clauses outlined, your company won’t be paying millions of dollars in fines.
Take A Comprehensive Inventory Of Third-Party Vendors
While this can be difficult when dealing with large, spread-out teams, it becomes even more important in these cases. Without a complete inventory, information security teams cannot properly protect the organization from vulnerabilities. If they don’t know where to look for risks, they can’t manage them.
The security team should also inventory all company devices because employees and contractors can introduce risk onto a device when they use it for personal purposes or lose the physical equipment.
Assess Vulnerabilities Independently
Even with contracts in place and an inventory of all your vendors, your security team can further control and manage your third-party risk with an independent assessment tool. Cyberpion generates a comprehensive view of your cybersecurity posture, displaying all vulnerabilities to the nth degree. With a dashboard showing vulnerabilities, your team no longer needs to pull together multiple documents or build their own dashboard: all changes to your online presence are visible in one place.
Take responsibility for your cybersecurity without relying on the vendors themselves to provide the information.
Automate Where Possible
Some components of the TPRM process can be automated: scheduling follow-up assessments, rule-based triggers for assessments, alerts, and responses.
Lift the burden on your security team by automating what you can for reliable results every tie.