What is a Third Party Security Risk Management?

Third Party Security Risk Management is the process of analyzing and controlling risks associated with outsourcing to third-party vendors or service providers. This could include access to your organization’s intellectual property, data, operations, finances, customer information or other sensitive information.

Applicability

Organizations rely heavily on third party vendors, contractors, and partners to help meet customer demands and maintain daily operations. Unfortunately, these contractual partnerships also come with critical cybersecurity risks that companies should continually be working to mitigate. To minimize these risks, organization should take comprehensive steps to ensure that third parties comply with regulations and also protect confidential information.

Objective

  1. To analyze and control third party risks. Avoid damages. Strengthen relationships.
  2. To minimize your organization’s exposure to risks, manage third party relationships at scale.

Approach

Our approach has been covered in the following phases. These include: 

Phase 1: Requirement
Identify the objectives (policies & standards) and compliance needs.

Phase 2: Planning
Align resources and set roles & responsibilities to execute risk assessments.

Phase 3: Scoping
Categorize third-party vendors as per the requirements. This reduces redundancy in questionnaires improving the timelines for completing assessments.

Phase 4: Execution
Execute risk assessment exercise to identify compliance and risk score.

Phase 5: Remediation
Analyze identified issues and remediate them with corrective measures for third party.

Phase 6: Monitoring
Continuous monitoring of vendor performance by comparing current assessment with previous assessment to minimize risk scores.

      Why CyberSRC®?

      Established in January 2018, CyberSRC Consultancy offers the full machination of cyber security services ranging from threat intelligence, VMS to general advisory services in areas pertaining to Cyber security such as vulnerability attacks, compliance, and cyber security regulations, and laws. We are into system audits such as ISNP Audits, NBFC Audits, UCB Audits, PPI Audits, and SEBI Audits. We provide our solutions with better accountability. We are a certified assurance firm. We are an ISO 27001 certified organization, backed by a very diverse and dynamic team which have a combined experience.