Steps To Develop A Mature Third-Party Risk Management Program With High-Risk Third Parties (Part 3)

Part 1

Part 2

This blog is the third in a series exploring how organizations can prevent or mitigate the severity of a third-party data breach or cyber exploit by implementing a variety of cybersecurity risk management controls, such as assessing compliance with regulations, vetting third-party security practices, and establishing data breach and cyber exploit incident response procedures. While the complexity of cyber risks intensifies, together with an increasingly challenging privacy and security regulatory environment, the overall maturity of third-party risk management programs is barely keeping up. Resource constraints, a lack of standardization of risk assessment processes and the difficulty of determining the "source of truth" of data held by third parties continue to dog many organizations.