Does Your CISO Understand the Subtleties of 3rd Party Risk?

by | Feb 29, 2016

While many executives understand that the CISO has an important role in lowering the threat of sharing sensitive data with third parties, the management of risk nowadays has become a critical problem for many establishments. Frankly, executives at major companies are worried about 3rd party risk management. Vendors are equally as concerned, scrambling to discover better ways to position themselves as more secure.

3rd Party Risk Assessment Software

New and even more sophisticated Cyberattacks spring from the headlines these days, and yet a number of senior managers have still not taken sufficient action to protect customer data. This has resulted in frustrated consumers taking action themselves with lawsuits that hold these corporate executives personally responsible for cyber breaches.

Risk management security

Just a few short years ago, shareholders and regulators were willing to agree that no one can predict or combat security breaches. Today, the climate has changed dramatically and many individuals feel that someone must accept responsibility and take action in order to give us all a better chance at privacy in the future.

Best practices in vendor management would seem to indicate that third-party trust levels should meet the same level as insider trust. Unfortunately, this has proven to be incorrect. Procurement officers who are responsible for 3rd party risk often lack the knowledge necessary to ascertain risk sources. There’s a definite disconnect when it comes to dialogue and no concrete standard for measurement to even compare risks.

Security Risk Solutions

Cybernance understands these complex issues and we’ve created an effective solution for both executives and third-party vendors. Unlike other cyber security companies, we focus on the human element. In addition, our programs are constantly evolving to meet the growing threat of cyber breaches. Please contact us to find out how we can help your company to mitigate vendor risk and improve vendor security.

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