Third-party risk management (TPRM) is vital to mitigate undue risk and excessive costs associated with third-party cyber threats. Establishing a strong TPRM Program reduces the negative impact that your company can have on your customers and your financial solvency. Third-parties pose a variety of cybersecurity risks to your organization that need to be assessed and either transferred, mitigated, accepted or denied.
Third-party risk assessments are a crucial piece of your TPRM strategy. An effective third-party security assessment should act as a due diligence review of a vendor to provide a snapshot of their current cybersecurity programs and policies.
Additionally, you need a way to periodically review your third-party and supply chain vendors to ensure that they remain secure and, more importantly, ensure your data is protected.
What MyCyberScorecard Will Do For You
It can be difficult to gain full visibility into third-party risk as, even with controls in place, organizations cannot always validate vendor responses.
Get started today to see how you can achieve your cybersecurity goals in the fastest time possible and with predictability.