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Third-party risks are escalating as supply chain threats grow, linking many breaches to external partners
Enterprises relying on third parties can be vulnerable to hackers, posing risks to their vendors, customers, and partners. It's crucial for employees, business partners, contractors, and IT service providers to understand the importance of security when working with third-party vendors.
WHY YOU MUST GET STARTED
For businesses in today’s digital world, having an organized Third-Party Security Risk Management (TPSRM) strategy is crucial. TPSRM aims to effectively manage third-party vendor onboarding and offboarding while continuously monitoring key partners' security measures.
Leadership needs to build trust, but it must ensure that every vendor follows strong cybersecurity protocols. The 2020 SolarWinds breach, which affected thousands of companies and government entities through malware, highlights the critical need for vigilance. Organizations must assume that breaches can happen at any moment through compromised third parties. They should regularly assess the risk levels of vendors, particularly those with access to sensitive information and resources.
Third-party Security Risk Management Services and Support
Crowe provides a comprehensive view of third-party risk, enabling management and monitoring of relationships and engagements. This includes capturing potential relationships, engaging stakeholders, assessing risks (contractual, financial, and inherent), and establishing metrics for risk and performance.
We help organizations manage these risks by
- Program reviews, consulting, technology enablement, third- and fourth-party assessments, and monitoring.
- Testing, monitoring, validation, and auditing for third-party risk management operations.
- Global mobility for on-site and remote assessments for information security, privacy, business continuity, regulatory compliance, and sustainability.
As organizations strengthen their third-party risk management, leveraging tools like Archer can make a significant difference. Crowe, as a trusted solution integrator, helps companies optimize their GRC systems, ensuring robust cyber risk management while improving system performance and defenses.
Source: Crowe Global